Vechain designer handbags, vintage wines, and shipping information. Much

Vechain is a blockchain platform for business aiming to build a trust-free and distributed ecosystem for products and information. It provides a relatively transparents system for information and value exchange, reducing the need for trust between parties. Vechain is focusing on changing large industries, such as the liquor and retail markets, and has many large partnerships, many within China. HistoryVechain began development in 2015. The basic platform was developed throughout 2015-2017, with the Thor protocol launching on the 30th of December, 2017. The development in 2018 is focused around the business platform and rolling it out to users. Vechain will to continue to develop their platform and expand the scope of their current offerings, aiming to offer decentralised applications and enterprise blockchain as a service solutions in the future. FeaturesOne feature that distinguishes Vechain is the use of the Thor protocol. The Thor protocol uses the Thor token in order to separate the volatility in the price of Vechain from the transaction fees needed to use the coin. People who hold Vechain gain Thor tokens to use, which are consumed (burned) by the system whenever Vechain is transferred, or smart contracts are made. One of the benefits of this system is that it encourages users to hold their coins (and thus help the ecosystem). Vechain aims to solve the problem with counterfeiting, through assigning a unique ID to a product which can be placed on an NFC chip, RFID tag, or QR code. The unique ID is also stored in the blockchain. Using this system, consumers can verify the authenticity of a product by scanning the unique ID and referencing the blockchain. Examples of how this can be used include verifying designer handbags, vintage wines, and shipping information. Much of the technology within Vechain is centered around the encrypted storage of information onto the blockchain and the verification of that information by the end user. Information stored on the blockchain needs to be encrypted as companies and users might not desire their transactions to be completely transparents, but information still needs to be stored and verified. In most current business models, information is stored centrally and secured by the business, however with Vechain companies can rely on the blockchain for secure storage of information. Information is secured by the business and known by the business, but customers are unable to easily verify information unless the business cooperates. With Vechain, companies no longer need to have their own servers to store information, but instead can use the blockchain. This will secure the information so that the company still has access to it. Customers will then be able to verify specific bits of information by comparing the unique ID tags to the information on the blockchain. This increases security and decreases the need for trust for both parties. Vechain has partnerships with many large companies and the Chinese government. Companies Vechain has partnered with include Kuehn & Nagel, Renault Group, PwC, and DIG. In December 2017, it was announced that Vechain would be a National Level Partner in China, to help build the world’s first Blockchain Smart-Town in Gui’an.

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