WHAT IS VECHAIN?

VeChain is a blockchain-based company that uses the blockchain-based smart contract platform, focusing on business applications that are related to inventory issues, which is broadly called appropriate tracking.
Their mission is to build a "trust-free and distributed business ecosystem to ensure a transparent flow of information, effective cooperation and high-speed transfer of values."
Who invented VeChain?
VeChain was founded in 2015 by Sonny Lu, a former Louis Vuitton IT director in China. He combined his luxury expertise with blockchain technology to create an IoT (Internet of Things) app to manage the supply chain. He remains CEO of VeChain through the nonprofit VeChain Foundation.

A Brief History
👋 2015 - VeChain founded by Sonny Lu

June 2016 - Launch of VeChain 0.1v

May 2017 - PwC becomes a partner of VeChain as part of the incubation program

🎉Leto 2017 - launch of VeChain Foundation

📛Fetral 2018 - VEN renamed VET

⚡Weight 2018 - Main-net launched

👛2018 - Mobile wallet launched

What's so special about it?
Instead of being a blockchain for everything, VeChain took a very specialized approach to its development. Its structure (more on this below) is designed to move goods and services through the supply chain, making it a VET token, a service current.

Moreover, it has a system with two tokens, one type of token finances projects, and the other supports blockchain.

VeChain also plays a very important role in the partnership, ensuring a national partnership with China in the development of smart cities.
He also joined forces with PricewaterhouseCoopers (PwC) to help promote the VeChain blockchain among customers. Indeed, the former Chief Executive officer of PwC is the chief operating officer of the VeChain Foundation, and the current chief executive of PwC is on the steering committee.

How does VeChain work?
You can consider VeChain in three parts. Real technologies, cryptocurrency, and platform.

Real technology

VeChain works by providing physical products with unique identification, usually with RFID (radio frequency identification), zR codes, or NFC (near-field connection). Sensors record information at every step of the supply chain, and record and link it to the identity of the product. These are the sensors that VeChain develops and are designed by manufacturers such as Bosch and Qualcomm.

Because it uses blockchain technology, the recorded data cannot be changed. This allows you to reliably record what the conditions were throughout the supply chain. If something went wrong, for example, the goods were sent to the wrong place, the blockchain record will show exactly where the error occurred.

Buy VeChain in India

It also allows the recipient of the goods to verify that everything has been handled correctly and that the goods are genuine. This is particularly important in the fight against luxury goods fraud, such as expensive handbags. A small chip is placed in the bag, which, when scanned, tells you about the processes it has gone from production to delivery. This chip stays even after the bag is sold, allowing the owner to buy the used bag on eBay and making sure it is genuine.