VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model and advanced IoT integration
Co-founded by Sunny Lu (former CIO of LV China) the current CEO, VeChain currently has use cases and applications in industries such as Fashion and Luxury, Food Safety, Automobiles and Supply Chain. VeChain currently has partnerships with BMW and DNV.GL and Jim Breyer listed on its advisory board.
VeChain uses blockchain technology and their in-house built smart chip to track items throughout their lifecycle. The smart chip can be implemented in different IoT items such as NFC chips, RFID trackers, or QR codes.
VeChain utilizes PoA algorithm and a dual token system consisting of VeChain Token (VET) and VeThor Token (THOR). VET can be used to deploy applications on the platform whereas THOR can be used to pay for applications and other transactions over the network.
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