VeChain is an enterprise-focused blockchain ecosystem that aims to enhance supply chain management by connecting blockchain technology with the real world through ‘a comprehensive governance structure, a robust economic model, and advanced IoT integration’.
The VeChain is a public blockchain that is designed for mass adoption of blockchain technology by enterprise users of all sizes. VeChainThor (VET) is intended to serve as a foundation for a sustainable and scalable enterprise blockchain ecosystem, supported in part by our novel governance and economic models and unique protocol enhancements.
VeChain enables manufacturers to assign products with unique identifiers on the platform, thereby allowing participants to track the movement and provenance of products in a supply chain. Started in June 2015, VeChain describes itself as ‘a pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco’
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