When it comes to crypto and blockchain technology many of us only see it with the financial perspective indeed it its true but Blockchain technology can be used in more than that. We all know that due to the Deadly covid-19 we saw how it could disrupt the traditional supply chain industry even came to stall for some countries. This is where Vechain comes in, Though it is released way back in 2017 its true potential and its use could be only seen in the coming years.
Disclaimer: I am not your financial adviser and all information available below are for purely educational purposes. Please verify all of the Information before using it and don't make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.
What is VeChain?
Well basically it is a blockchain as a service company that has supply chain management solutions for enterprise clients. It brings IOT technology and blockchain together to get a better understanding of supply chain for its clients. The goods include almost all of it like food, clothes, tablets, electronics, cars etc...
Essentially goods will have electronic tags such as QR code that will enable them to track the entire supply chain process. However this tracking will be placed on the blockchain and be completely transparent for all to see. It is also immutable which means one cannot alter the information they send.
Vechain was launched in the yr 2017 with Ethereum blockchain. They have now movedd onto their own blockchain known as VeChainThor.
VeChain believes that blockchain technology is one of the foundations for the next generation of information technology, alongside emerging technologies such as AR, VR, AI, IoT, 5G and more. With the technology’s immutable and tamper-proof characteristics, blockchain, as an infrastructural technology, is uniquely positioned to enable unprecedented value and data-transfer among a wide set of users in a trust-less manner, boosting the efficiency and authenticity of information transfer itself.
Why it is needed?
Counterfeits, fakes and substandard quality are a massive concern in the global supply chain from watches to wine, from handbags to honey, from cars to cattle.
Wherever there are options to Counterfeit a product someone along the supply chain usually jumps at it.
In many of the cases u wont even know that what us got is a fake or substandard product.
What will u do when as a end customer u can find all the details about the product like where it is coming from? Who produced it? Who transported it? How good it is to your health?
Vechain tries to answer all these and more question through its publicly available blockchain. It is good for both customers and the product seller. This way it can improve the whole supply chain network significantly reducing the counterfeit and fake in the market.
What's So bullish About VeChain(VET)?
Basically Vechain works on Proof Of Stake Mechanism and it also has a capped supply of about a total of 80billion tokens.
Its Proof Of Stake mechanism also functions significantly different form other proof of stake mechanism. What's its mean is u cant just away be a validator in the network u need to stake more no of Vechain token in the network and also apply for it. Which mean it is partly centralized and partly decentralized.
Proof of Stake also gives u voting authority in the node for that u need to attain as a Authority Masternode for that u need to stake a minimum of 25million VET staked. Currently there are 101 Masternodes in the network which means there have to be 2.5billion VET staked.
And also do count the other smaller nodes in the network. Combined with masternodes and all other node a total of 18.2billion Vet is currently locked up that is 21% of the total supply. This no is said to increase further and also imagine if most of the people started to use their solutions in the open market it requires more Vet token which means increased demand but short supply this is a very bullish signal for Vet token.
Covid 19 also helps Vechain as more come to know the disadvantages of traditional supply chain market and looking for an alternative one.
Vechain has also acquired 30 promising partnerships over the yr some of it may include DNV GL, PriceWaterhouseCoopers, Walmart China, BitOcean and BMW Group.
One of the most important partnership is Walmart china, which announced a Vechain powered food traceability solution. The goal is to provide the consumers with the possibility of providing more information about the foods they are buying.
Tim Drapper a sillicon Valley legend and a big beliver in digital currency actually joined VeChain team early last yr as he is big investor and will not join a team if he woudn't see huge prospects.
It has the most use cases in the supply chain market.
Analyst predict that it could easily reach $1 next yr from the current $0.015 market price.
I hope this article is helpful to u, I would like to hear your thoughts on this. If u have any doubt about investing or if u want my thoughts about a particular project pls comment down below.
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good job bro..keep it up