Date of introduction: 2015
Rank on Coinmarketcap: 16
Current price: $3.50
Current circulating supply: 526,047,017 VEN
Total Maximum Supply: 873,378,637 VEN
Type of token: currently ERC-20, but will launch their own blockchain in June 2018
Official Website: https://www.vechain.org
Official Twitter: https://twitter.com/vechainofficial
What is VeChain
VeChain’s vision: ‘’The vision of VeChain and the VeChainThor Blockchain is to build a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers.’’
What this means; VeChain wants to introduce and implement the Blockchain technology to businesses and individual consumers, meaning they both target B2B and B2C. Currently they have real-life use cases in which they use the blockchain technology to track products such as wine, automobiles, cargo and other luxury goods.
VeChain can also be used as an anti-counterfeit measure. Having each product marked with a VeChain code allows for the consumer to exactly see where the product has been, thus eliminating the possibility for fake products to pass as originals.
VeChain develops DApps for its clients to keep track of their product allowing that the most optimal form of business is registered and achieved, as well as seeing where the flaws lie in the production chain.
Sunny Lu – CEO
Graduated from Shanghai Jiao Tong University
Majored in Electronics and Communication Engineering.
Served as IT Executive in Fortune 500 companies for over 13 years
Former CIO of LV China
He started VeChain in 2015
Has worked for PwC and Deloitte as senior manager for over 14 years.
Joined VeChain in 2015 as the leader of Blockchain governance framework design and digital assets management framework establishment.
Has over 12 years experiences in consulting and assurance services in cybersecurity, privacy, and emerging technology at PwC.
Has been driving the development of blockchain services of PwC within the CN/HK region.
Joined VeChain as COO in January 2018
Graduated from Shanghai University with master’s degree majored in Cybernetics
Has worked in TCL communication technology as Technical Director
Has more than 16 years’ experience in both hardware and software embedded system development and management.
VeChain consists of 7 other full-time employees that hold higher management position.
There are over 50 other employees working on VeChain ranging from developers to project managers.
The main office is based in Shanghai.
A look inside this office: https://www.youtube.com/watch?v=JSOpEXe-Pn8
Other offices are located in:
Exchanges offering VeChain
DNV-GL – Certification
Partnership announced: 7 March, 2018
Is a global quality assurance and risk management company that conducts audits and advisory services, software solution and provides certifications which are crucial for operations. DNV-GL has a good and proven track record as a successful company with its main focus on offering new and innovative solutions.
The partnership between VeChain and DNV-GL will consist of the creation and introduction of a Decentralized App (DApp) called ‘My Story’.
My Story will allow customers to view the full history of products, such as where it comes from, where its been and everything in between.
The initial target market for My Story will be the Italian wine market and will be implemented by the placement of a tag (such as a QR-code) on wine bottles which the consumers can scan and view the complete journey from grape to bottle. All this info will be stored on the blockchain and thus being secure and transparent.
PwC China & PwC Singapore – Audit / Advisory
Partnership announced: May, 2017
Initially, VeChain was added to the PwC incubation program and through which they had access to PwC’s knowledge, expertise and advise. Here they focussed mainly on growing in the South East Asia region, which has enormous growth potential. Currently, PwC presents VeChain to its clients while pitching the VeChain solutions.
An example: China faces a large fake-alcohol problem as these counterfeit goods damage the market and health of consumers. In order to fight this problem, PwC introduced VeChain’s ‘My Story’ solution to its client DIG (who handles 30% of the total wine distribution in China).
Kuehne & Nagel – Supply Chain and Logistics
Is a Swiss-based company and is currently the biggest global sea freight forwarder in the world, and second in air cargo. Kuehne & Nagel have over $20 billion annual revenue and employs over 75 thousand employees. Needles to say, it is a big company.
Kuehne & Nagel asked VeChain to innovate their shipping procedure by enabling customers to track their packages / parcels in a transparent and secure manner. Which is exactly what VeChain’s DApp ‘My Story’ facilitates.
The Chinese Tobacco Industry
VeChain partnered with the two largest bodies of the Chinese tobacco industry: The China State Tobacco Monopoly Administration and the China National Tobacco Corporation. Since China accounts for 30% of the global consumption of cigarettes, you can imagine the magnitude of these two corporations.
Just as fake-alcohol, China is also facing a fake-cigarette epidemic, which they aim to solve in the same ways; the DApp My Story. My Story will allow the consumer to view whether or not cigarettes are counterfeit and if so, the authorities are able to take measures.
BitOcean – Financial Services
BitOcean will be the first ICO to launch on the VeChain Thor Blockchain. BitOcean is a crypto-ATM solution based in Japan and has been licensed by the Japanese Financial Services Authority (FSA). This allows BitOcean to accept fiat deposits and withdrawals and thus allowing them to connect with any partner exchange through the means of Application Programming Interface (API).
Basically, what this means is; you will be able to withdraw your cryptos stored on exchanges, in real money out of the ATM machine. BitOcean can therefor be seen as the bridge between VeChain and the Physical world.
Fanghuwang – Financial Services
Fanghuwang is a collateral backed loan-provider to small and medium sized enterprises (SMEs). They use technologies such as cloud computing, AI and Big Data to find the best financing resources. However, the partnership with VeChain will address the enhancement of the client data collection system, data quality and data shareability which hopefully will lead to the lowering of operating costs.
In order to solve this problem, VeChain developed the DApp: VeVID, which is designed to provide a Digital ID and KYC (Know Your Customer) tool. When customers use VeVID the data gets stored into the VeChain blockchain which enables the company to cut overhead costs and to speed up the verification process.
Various other partnerships
- BMW (German Automobile company)
- Renault Group (French Automobile company)
- INPI Asia (Nano Chip producer)
- YIDA Group (largest real estate company in China)
- E-Grid Consulting
Q2 2018: VeChain Thor Blockchain launch
Q2 2018: VeChain Wallet with VeThor Forge Function
Q4 2018: VeChain Crosschain, Sidechain Technology
2019: VeChain Thor Ecosystem Expansion
- Applicable in all sort of different industries and sectors
- Already has established partnerships with large companies
- VeChain’s technology has already been used in real world situations
- Targets both B2B and B2C for blockchain implementation / adoption
- Allows for the creation of ICO’s on the VeChain Thor blockchain
- Potential competitor might be Ontology (ONT) who also aims targets the B2B market for blockchain adoption
VeChain explained (video)