What is VeChain (VET)?
VeChain (VET) is a type of cryptocurrency that was created to decentralize the supply chain industry; its main purpose is to serve a decentralized application (dApp) ecosystem to help businesses and companies in the supply chain industry to efficiently transfer and verify supply chain data using the immutable and transparent nature of blockchain technology. The function of VeChain has now been broadened following the launch of the VeChain Thor mainnet in 2018. This made VET to not only serve the supply chain industry alone but also the broader scope of general data solution dApps.
VeChain works with companies such as BMW to prevent automobile odometer fraud during the transfer of data in the supply chain. It also works with LVMH to use VeChain in order to track luxury goods.
Other uses of VeChain include streamlining data transfers across the consumer goods industries as well as the automotive, agriculture, food safety, and carbon footprint tracking.
Companies that use VeChain in their supply chain operations
- Walmart China
- PwC (PriceWaterhouseCoopers)
- Renault Group
These companies partner with VeChain to enhance transparency and traceability in their supply chain management and product authentication.
Walmart China collaborated with VeChain to track and authenticate the supply chain of its food products. The partnership aims to improve food safety and quality assurance for customers.
PwC (PriceWaterhouseCoopers) partnered with VeChain to develop the VeChain ToolChain™, which allows businesses to digitize their supply chain processes.
H&M, the global fashion retailer, has partnered with VeChain to provide customers with detailed information about the origins and authenticity of H&M products.
Renault Group has utilized VeChain’s blockchain technology to verify and certify the maintenance history of its vehicles. This enhances transparency and trust for used car buyers.
BYD, a Chinese electric vehicle manufacturer, has collaborated with VeChain to develop a carbon credit management platform. The platform enables tracking and verification of carbon reduction efforts, facilitating compliance with environmental regulations.
DNV (Det Norske Veritas), a global risk management and quality assurance company, has partnered with VeChain to develop blockchain-based solutions for certification and verification services. The collaboration aims to enhance transparency and trust in various industries.Last Updated on November 2, 2023 by Nansel Nanzip Bongdap
Nansel is a serial entrepreneur and financial expert with 7+ years as a business analyst. He has a liking for marketing which he regards as an important part of business success.
He lives in Plateau State, Nigeria with his wife, Joyce, and daughter, Anael.