$ 0.005561 (-5.15%)
VeChain (VET) - Historical Price Chart
About VeChainMake a Suggestion
VeChain is a global information transformation platform based on blockchain technology. It digitalizes real people, products, or events by linking an API with the system's application layer connecting the blockchain with real-world information. It makes use of smart contracts focused on real industrial operations.
VeChain achieves collaboration and value transferring between different use cases. Hence, it maps the real-world activities to its blockchain. VeChain is creating a brand new business model, which provides 'trust service' to all collaboration parties across all platforms, entities, industries, and consumers.
A product on the VeChain platform is assigned a unique ID, which is stored simultaneously in the blockchain, and placed on the product with an NFC chip, RFID tag or QR code. At any point during the product’s life, the chip, tag or code can be interacted with, whether it’s a distribution or retail partner ascertaining batch membership, or a consumer learning more about a product’s provenance. The company envisages a broad range of applications, including brand protection, anti-counterfeit, and food safety.