There was an outlier in the cryptocrash at the start of 2018. While every other altcoin tumbled, only VeChain (VET) held fast and even increased in value. This was partially due to a slew of real-world use cases. However, their devoted investment base also has a high degree of faith in their vision. VeChain is seeking to bring the trust-less aspects of blockchain transactions to real-world items. They anticipate this Blockchain-as-a-Service feature to be particularly valuable in the luxury goods industry.
Counterfeiting is running rampant in the entire market, and a means of verifying genuine items is critical. Removing any third party involvement further decreases the chances of fraud. As such, VeChain’s value has remained high as investor confidence is unshaken.
The VeChain Solution to Counterfeiting
Blockchain is known for its inherently trust-less nature. Transactions are validated through consensus of multiple, disparate nodes. This creates an environment where it is nearly impossible to hack into the system and create fraudulent transactions. Obviously, this is a desirable trait in all transactions – the real world included. Unfortunately, the inherently digital nature previously made it nonviable for that purpose.
VeChain has solved that issue, introducing a proprietary Internet of Things style chip. This chip integrates directly with their new blockchain and has a VeChain ID associated with it. This VID is a single use code that can be verified at all locations along the global supply chain. While the item may be replicated, the code cannot – even using the VeChain platform. If the VID differs, it will not register properly when scanned along the supply chain – identifying a counterfeit.
Thor Introduces VeChain’s Own Blockchain
Until recently, VeChain was bought and sold on exchanges under the VEN symbol. This ERC-20 token existed within the Ethereum blockchain and served as a placeholder. Early adopters had the option of buying in to help fund the development of the full blockchain. At the end of February, VeChain officially rebranded to their VeChain Thor (VET) cryptocurrency. The original VEN token trades in at a 1:1 ratio with the new VET token.
The new token has several advantages. First, it pays dividends through the generation of Thor. This is similar to the NEO blockchain produces a set amount of GAS per token. Vechain’s Thor subtoken, or VTHO, allows the purchase of services provided by the VeChain blockchain. Through this function, VeChain produces value both for the consumer and for the VeChain company itself.
Many investors have been waiting for this rebranding. As VET becomes increasingly available, the new coin is likely to become a desired cryptocurrency asset. As it represents a vested stake in the VeChain infrastructure, companies wishing to use their services will want to hold sums of VET to produce the necessary Thor to fund their projects. Once the VeChain platform becomes fully available, VET will almost certainly grow scarce as a result.
Industries That Have Adopted VeChain
While the full platform is not yet available, some early adopters have already started using VeChain for their products. The ability to store information within their blockchain already allows for excellent validation. Several winemakers have started using the VeChain system to create a running ‘Story’ for their wine, recording the steps that it passes through. In this way, end users can gain more information about the path that the wine took to reach them.
They are looking into a BMW partnership that would help users avoid making purchases that support child labor. Point of manufacture to point of sale can all be recorded within the blockchain and assigned to a serial number, ensuring that all parts of a completed item have been created in a legitimate workshop that does not exploit their employees.
VeChain is a Direct Integration of Blockchain Technology
Everyone is looking to adapt blockchain to new uses. Some projects are looking to create distributed ledgers for use with advanced fintech. Others show interest in ecosystems that support decentralized applications. VeChain’s focus is on using blockchain for the original purpose; trust-less transactions. They have found a way to successfully integrate that with real-world purchases.
The ecosystem that they are creating could eliminate counterfeiting in almost every industry. Following all items from their creation to their end purchase helps to remove exploitation from the process. All of these aspects are adaptions of blockchain technology already in use. VeChain’s clever use of their technology is not only impressive but efficient. Their new VeChain Thor token is an absolute generator of value, and this may be one of the last opportunities to buy it at a low price.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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