VeChain (VET) exists to disrupt traditional supply chain models, an industry which before blockchain had remained little changed over the decades. VeChain (VET) is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem which solves some of the major problems with supply chain management. Using transparent technology with no single point of weakness or control allows for greater security, efficiency and ease of tracking products in a given supply chain, while reducing cost through trustless automation. VeChain’s model thus appeals to businesses looking to reduce supply chain friction and give a more transparent impression to clients. VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China. Lu has since become a well-known name within the cryptocurrency industry. He has drawn attention to the ability of blockchain technology to solve transparency in particular, arguing that it can create “trust-free” structures which do not suffer from corruption as part of the supply chain. VeChain has two in-house tokens: VeChain (VET) and VeThor (VTHO). Described as a unique offering for such a platform, the dual-token system is designed to avoid fee fluctuations and network congestion. VET is the token used for transactions and other activities, while VTHO provides fee payments and thus functions as a “gas token,” similar to how gas functions for Ethereum (ETH ) transactions. Here comes a detailed information video courtesy of Coin Bureau.
