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VeChain is developed from the skyscrapers in Singapore, for the use in a number of industries such as automotive, medical & healthcare, luxury & fashion, liquor, agriculture and logistics. The goal is to make the supply chain more efficient, transparent and cost-effective by using blockchain technologies. With this application, different companies can track items at each stage in real time and verify information. This is done through VeChain Identity Technology (VID) which provides a physical way to track a product.
VeChain (VEN) was rebranded in February 2018 to VeChain Thor (VET), a marketing stunt that has proved successful for many projects. Raiblocks recently transformed itself into NANO, resulting in a huge increase in value. After the rebranding to VET, the company has also announced a collaboration with Oxford University. This university, as part of VeResearch, will assist in the technological development of its platform.
Companies such as PWC, Renault Group and BMW have entered into a partnership to apply the possibilities of VeChain Thor in their business processes. Because of this, VeChain cannot be ignored. BMW is not the only car manufacturer that has entered into an alliance with a blockchain company. Volkswagen has partnered with IoT blockchain company IOTA.
The crypto VET can be bought or sold from various providers, and the transactions are tracked on the blockchain. So it is always known where it is held and whom owns it. If you keep VET in the VeChain wallet, you generate a second crypto called Thor. Thor is the currency that is used to pay for services on VeChain’s network. Like Ether on the Ethereum’s blockchain.
So if a company wants to use the network for supply chain purposes, which is just one of many applications, it will have to pay an x amount of Thor for the transactions made on the blockchain as the company information moves through it.