Vechain (VET) is a Chinese token that has been one of the most prominent cryptocurrencies in 2018. Vechain is building a public blockchain that is specifically tailor-made for enterprise mass adoption. VET is enabling real-world utilization of blockchain technology through providing a governance structure, economic model and IoT integration. In other words, this blockchain protocol is the ethereum for business.
As the crypto market suffers from the speculation bubble that fueled it in 2017 and early 2018, Vechain continues to add partners and legitimacy. VeChain’s partnerships span continents, corporations, and even governments and this is just the beginning. VET is much more than a Supply Chain and Logistics solution. From partnerships with BMW, the wine industry and even the Chinese government, this is how Vechain (VET) is taking over the world one step at a time.
Vechain (VET) has been pro-active in recent times making a lot of partnerships with different companies including vehicles companies, luxurious brands and different governments. This shows that VET has gained a lot of trust of different industries and in future we will see more companies going in the platform of Vechain blockchain technology. The ten important partnerships for Vechain that are leading it to be the world’s largest enterprise-level blockchain solution provider and what is there for an Invester in Vechain.
Real Solutions for Real World Problems
Vechain (VET) is the brainchild of Sunny Liu, a former Asian division Chief Information Officer of the $170 billion powerhouse Louis Vuitton, the world’s most valuable luxury brand. At Louis Vuitton, Sunny saw the rampant all forgeries can take on a brand first hand. It’s one of the most pirated luxury brands in the world based on estimates. Louis Vuitton loses about $4.6 billion in sales and hundreds of millions more in diminished brand value annually due to counterfeiting. In 2015, Sunny decided to tackle global counterfeiting head-on. He took his deep industry knowledge and his team to craft the solution that’s already gaining enormous traction, this is where Vechain steps in.
Vechain is Keeping the World Honest
Vechain provides companies with an encrypted smart chip or QR code with a unique ID. The company embeds the chip or QR code on the product, the it scans the product ID and stores on the blockchain. The company can track the product during each phase of its life cycle from origination to user because blockchain is tamper proof. The companies know the products they send or receive are authentic. It is a low cost, easy to use solution and companies are lining up to use it.
Smart Money Is Investing in Vechain
Jim Breyer, is one of the top venture capitalists in the world. He believed in many projects before they became huge companies today. He was an early investor in Facebook and Ethereum, and has a keen eye on innovative companies. He stated regarding cryptocurrency:
“Well, I’m not very big believer long-term in blockchain technologies and many of the underlying cryptocurrency technologies that are being developed. It’s very hard to predict which coin is the right coin long-term I’d like to bet, which I’m smartly I hope on Chinese companies and U.S. companies that are very deep technically, that are building tokens and applications on top of the blockchain and pursing long-term opportunities in digital payments and financial technology.”
Out of all the promising Cryptos in China, Jim Breyer is backing Vechain. This shows how VET is leaps and bounds beyond all crypto projects right know. Jim invested in Vechain because he knows more about it and Vechain is backed by a heavy hitting player including PVC FEMALE bush capital and Bo Chen. They are the high-profile names attached to the insider base of Vechain project.
Car Manufacturing with Vechain
The German car manufacturing giant BMW is a household name for most and one of the most know of the many Vechain partnerships. BYD should be right there on the list, the company is the Chinese car manufacturer but not just any car manufacturer. It’s a Warren Buffet backed $27 billion-dollar valued car company, the one that’s bigger than Tesla. The top electric car maker, the electric car market boosted by a government that wants to see it succeed in making the world’s next great vehicles. Vechain is now its blockchain partner in a government backed program to track vehicle use and provide rewards for carbon karma.
Peoples Insurance Company of China partners Vechain
Vechain announced a partnership with the People Insurance Company of China, one of the world’s largest insurers and holders of $120 billion-dollar in assets. The aim is complex transform the insurance company with help of blockchain, immutable record-keeping, faster data transfers and more, Vechain can help with all of that. China became the world leader in technology and blockchain patterns several government agencies and cities which are using blockchain technology. For example, the city of Gonzo is already issuing tax invoices on the blockchain and the city of Nanjing launched a $1.5 billion blockchain investment fund. By 2020, it is expected that many of China’s government services will be on the blockchain. So, the future is bright for any blockchain company that gains an early foothold in China.
Companies Using Vechain
Vechain is much more than a supply chain, and logistics solution has been a product that VET has been developing since 2015. It is a blockchain based ledger that helps record large scale logistics for enterprises with an original focus on anti-counterfeiting. Vechain has seen its blockchain idea expand to insurance, automobiles, luxury goods and more. It’s being used today both with physical RFID tags that VET has developed and now part of a recently announced partnership with BYD to work on carbon credit system.
Slowing China’s Counterfeiting Problem
Fake food and beverages are a major problem in China. One particularly hard-hit industry is wine importing, it is estimated that thirty thousand bottles of fake imported wine are sold per hour in China. The average bottle of Champagne in China has been emptied and refilled with imitation Champagne seven times. When a customer buys a bottle of wine, they can scan the QR code with an App and see its entire life cycle, which is amazing. Vechain has designed a seal to prevent the wine from being refilled with cheap knockoffs and passed of as the real thing. If someone tries to duplicate the stickers or QR codes, as soon as they were scanned the blockchain record would show that the wine had already been sold. This is definitely a very cool application of blockchain technology but being cool isn’t enough to build a wide spread adoption and that’s exactly what is starting to happen.
Vechain’s “My Story” Service
“My Story” service offers independent physical audits, data collection and verification services of the product. The companies using ‘My Story’ will be able to command an additional premium price because they can prove they can prove their products are legitimate. Ultimately, the Vechain seal will provide an edge for companies against competitors who can’t prove their authenticity. As always usage determines the long-term value of a coin, the more a coin is used, the more valuable it will become. That’s why investors should focus on coins that they believe have the potential to experience huge usage and Vechain is certainly one of those coins.
Securing even a small percentage of 33 billion bottles of wine ship each year would make VET one of the most heavily used blockchain tokens in the world and that will translate into much higher prices for the VET token.
Vechain Protecting China’s Vaccine Supply
Vechain will secure life-saving drugs to, China’s most popular city Shanghai has decided to take a more proactive approach to protect its 30 million residents from vaccine fraud. The city officials announced that the partner with Vechain will secure the entire vaccine supply chain. Millions of people will now rely on Vechain solution to protect their health. The solution is similar to the one VET is using for wine bottles.
The users will probably be thinking that Vechain has got partners but why would the investor need Vechain and how it is an instrument of investment in this promising coin.
Vechain aims to strike a balance between decentralization and centralization. Vechain uses a two-token system, the one user is buying is called VET and the second token is called Vechain Thor. VET is smart payment currency for carrying out business activities on the platform. The nodes that run on the platform are required to stay VET tokens. Vechain Thor is passively produced by VET tokens that means the user receives Vechain Thor for free just by holding VET tokens. Vechain Thor acts as the gas of the ecosystem, it is used to pay for blockchain operations and executes smart contracts. Whenever, someone uses Vechain Thor to pay for an operation 30% goes to the authority nodes and the remaining 70% are destroyed.
What will drive the value of Vechain and its VET tokens, the first, the first driver is the yield provided by the VET token. VET owners can earn a nice yield simply by holding the token and generating Vechain Thor notes can earn even more. The second driver for Vechain is staking and token lock-ups. Tokens that are staked are locked-up are not circulated in the market, which makes the circulating tokens more valuable. Ultimately adoption and transaction fees will drive Vechain platform and the value of VET token to hit high. This just the beginning and one can argue that Vechain blockchain will revolutionize the world.