HomeNewsVeChain's Journey to Dominate the $18.23 Trillion Logistics Market

VeChain’s Journey to Dominate the $18.23 Trillion Logistics Market

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  • VeChain employs blockchain technology, smart contracts, and IoT to foster transparency and efficiency in global logistics.
  • From tracking product authenticity to ensuring compliance, VeChain emerges as a pivotal tool for modern supply chain management.

Deciphering VeChain’s Mechanics

VeChain, founded in 2015 by Sunny Lu, former IT director at Louis Vuitton China, is a public blockchain platform. Steering away from mainstream consensus mechanisms, it deploys a proof-of-authority model, relying on vetted nodes for network security. The platform operates with two tokens:

  1. VET: Facilitates transactions and fortifies the network.
  2. VTHO: Fuels the platform’s smart contracts.

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VeChain’s Tripartite Approach: Revolutionizing Logistics Through Advanced Architecture

  • VeChainThor Blockchain: A publicly accessible, foundational blockchain layer documenting supply chain data.
  • VeChain ToolChain: Comprising APIs and SDKs, it facilitates the seamless integration of VeChain with contemporary supply chain infrastructures.
  • VeChain IoT: A consortium of IoT devices that assimilate real-world data, subsequently incorporated into the VeChainThor blockchain.

With each product entry into the supply chain, a distinct identifier is assigned, guiding its monitoring throughout the lifecycle. VeChain ToolChain captures myriad data points β€” from geolocation to environmental conditions β€” all inscribed on the VeChainThor blockchain. The genius of smart contracts automates numerous supply chain tasks, such as instantaneous payments upon product delivery, while VeChain IoT continually monitors ambient conditions, such as storage temperature, enhancing operational efficiency.

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Collin Brown
Collin Brown
Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.
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