veChain was founded in 2015, making it one of the oldest blockchain companies in the industry. Based in Singapore, they have recently fallen into the merits of investors with a promising partnership flow. However, even before VeChain gained momentum, their blockchain solutions have been used by companies in the agricultural, wine and luxury industries.
VeChain showed absolutely no signs of a slowdown in development, with an upcoming rebranding of VeChain (VEN) to VeChain Thor VET. This increase will make it possible to build decentralized applications on the VeChain blockchain, which is similar to Ethereum. With all this upcoming news, it's important to know what really gets you excited.
VeChain Platform
VeChain is one of the leading blockchain companies focusing on products and information. The company is building a decentralized platform for business solutions, where businesses can easily interact and transact with each other without intermediaries. The VeChain company has set out to create a seamless operating platform for business solutions that can handle 10,000 transactions per second.
This impressive number of transactions alone will make VeChain excel in the competition, but their ambition for future developments is what really sets them apart. Their focus is to disrupt supply chain management by integrating it into their blockchain platform, but this is just the beginning. Plans to allow dApps and ICO on the VeChain platform, as well as IoT (Internet of Things) integration, show VeChain's aspiration to be an all-inclusive blockchain platform for enterprise solutions.
VeChain has continued to expand its network and has one of, if not the most impressive, partnership lists. One of its biggest partners is PricewaterhouseCooper (PWC), a new multinational professional service platform. VeChain and PWC want to offer third party services to participants in Vechain's decen
The other major partnership is that with DNV GL global security company. VeChain also has a partnership with the Shanghai DIG-based company, which is responsible for checking 30% of all wine imports in China, Jiangsu Printed Electronics, and French car manufacturer Renault ... and the list does not end there. Together with PWC, VeChain is rapidly expanding its network, strengthening its platform value with each new member. Then another partnership deserves special attention: VeChain's national partnership with China. China has built, and intends to continue to build, cities that are completely new. Gui'an is one of the designated areas for economic development, and covers about 1,800 square kilometers. China has done this to create technology-ready cities from day one. The entire city infrastructure is based on the application of the latest and future technologies so that these can be directly and efficiently implemented. This technology requires, but is not limited to, smart manufacturing, cloud computing, Internet of Things, and, of course, China Telcom's blockchain technology, China Unicom, Microsoft, and Apple have invested heavily in the development of the Gui'an region, and guess what. VeChain has been approached to be the area's blockchain-based backbone. VeChain will be a regional government technology partner and will test some of their blockchain applications. Initially, this cooperation will serve as a pilot in which the Chinese government can carefully examine the practical and regulatory implications of blockchain technology. The foundation of the e-governance system will be tested here, and when successful, cooperation between the Chinese government and VeChain will likely lead to more implementation of VeChain's blockchain application, giving VeChain a major competitive advantage platform. VeChain TeamVeChain is created and continuously upgraded by VeChain Foundation, a Singapore-based non-profit entity. The CEO of the VeChain Foundation, Sunny Lu, has made a sufficient name for himself in the blockchain room. Before the launch of VeChain, he founded a Chinese internet start-up, which created Qtum, one of the biggest players in the crypto space. Prior to this, he was the CIO and COO of Louis Vuitton China. Lu Lu leads a team made by over 90+ employees, especially developers, but he does not do this alone. Besides he has his Chief Technology Officer, Gu Jianliang. It has over 18 years of accumulated experience in related technology fields, such as mobile devices and IoT, and holds more than 100 patents in various fields of technology. In addition, Kevin Feng serves as Chief Operations Officer of the VeChain Foundation. Feng has taken many technology projects over the past 12 years working for VeChain's partner, PWC, as consultant and consultant advisor. Finally, the CFO is Jie Zhang, an expert in IT with a wide range of experience in various fields of technology. Competitors and ChallengesVeChain is not the only company trying to integrate blockchain technology into the supply chain. Competitors, for example, are the Demand and Stratis Network. VeChain seems to lead compared to its competitors with its large network of partnerships. However, there is plenty of room for some blockchain platforms in this space, because supply chains exist in almost every global industry. Since recent events have been demonstrated, China is not very friendly towards cryptocurrency, and this has created a major obstacle to blockchain companies trying to penetrate the Chinese market. However, with VeChain enjoying a national-level partnership with China, it is safe to say that they have been given tremendous advantages in the world's second largest economy. In addition, VeChain does not limit their scope to China, and they have offices in Singapore, France, and Hong Kong, plus a large number of international partnerships. The main challenge for VeChain today is to prove their concept and that their blockchain platforms are actually annoying, remain in good grace from the Chinese government, and meet their technological deadlines. RoadmapVeChain has many upcoming milestones by 2018, the first is the upgrading launch of their platform, v3.0. It goes hand in hand with one of VeChain's most upcoming real developments. Namely, VeChain rebranding from VeChain (VEN) to VeChain Thor (VET). VeChain Thor is upgrading technology to the current platform. With this enhancement, the platform will allow the creation of more decentralized business applications easier on VeChain's blockchain. Once this technology upgrade has been completed, the VeChain platform will receive two tokens, VET (currently VEN) and Thor Power Token. VET will remain a token
The other major partnership is that with DNV GL global security company. VeChain also has a partnership with the Shanghai DIG-based company, which is responsible for checking 30% of all wine imports in China, Jiangsu Printed Electronics, and French car manufacturer Renault ... and the list does not end there. Together with PWC, VeChain is rapidly expanding its network, strengthening its platform value with each new member. Then another partnership deserves special attention: VeChain's national partnership with China. China has built, and intends to continue to build, cities that are completely new. Gui'an is one of the designated areas for economic development, and covers about 1,800 square kilometers. China has done this to create technology-ready cities from day one. The entire city infrastructure is based on the application of the latest and future technologies so that these can be directly and efficiently implemented. This technology requires, but is not limited to, smart manufacturing, cloud computing, Internet of Things, and, of course, China Telcom's blockchain technology, China Unicom, Microsoft, and Apple have invested heavily in the development of the Gui'an region, and guess what. VeChain has been approached to be the area's blockchain-based backbone. VeChain will be a regional government technology partner and will test some of their blockchain applications. Initially, this cooperation will serve as a pilot in which the Chinese government can carefully examine the practical and regulatory implications of blockchain technology. The foundation of the e-governance system will be tested here, and when successful, cooperation between the Chinese government and VeChain will likely lead to more implementation of VeChain's blockchain application, giving VeChain a major competitive advantage platform. VeChain TeamVeChain is created and continuously upgraded by VeChain Foundation, a Singapore-based non-profit entity. The CEO of the VeChain Foundation, Sunny Lu, has made a sufficient name for himself in the blockchain room. Before the launch of VeChain, he founded a Chinese internet start-up, which created Qtum, one of the biggest players in the crypto space. Prior to this, he was the CIO and COO of Louis Vuitton China. Lu Lu leads a team made by over 90+ employees, especially developers, but he does not do this alone. Besides he has his Chief Technology Officer, Gu Jianliang. It has over 18 years of accumulated experience in related technology fields, such as mobile devices and IoT, and holds more than 100 patents in various fields of technology. In addition, Kevin Feng serves as Chief Operations Officer of the VeChain Foundation. Feng has taken many technology projects over the past 12 years working for VeChain's partner, PWC, as consultant and consultant advisor. Finally, the CFO is Jie Zhang, an expert in IT with a wide range of experience in various fields of technology. Competitors and ChallengesVeChain is not the only company trying to integrate blockchain technology into the supply chain. Competitors, for example, are the Demand and Stratis Network. VeChain seems to lead compared to its competitors with its large network of partnerships. However, there is plenty of room for some blockchain platforms in this space, because supply chains exist in almost every global industry. Since recent events have been demonstrated, China is not very friendly towards cryptocurrency, and this has created a major obstacle to blockchain companies trying to penetrate the Chinese market. However, with VeChain enjoying a national-level partnership with China, it is safe to say that they have been given tremendous advantages in the world's second largest economy. In addition, VeChain does not limit their scope to China, and they have offices in Singapore, France, and Hong Kong, plus a large number of international partnerships. The main challenge for VeChain today is to prove their concept and that their blockchain platforms are actually annoying, remain in good grace from the Chinese government, and meet their technological deadlines. RoadmapVeChain has many upcoming milestones by 2018, the first is the upgrading launch of their platform, v3.0. It goes hand in hand with one of VeChain's most upcoming real developments. Namely, VeChain rebranding from VeChain (VEN) to VeChain Thor (VET). VeChain Thor is upgrading technology to the current platform. With this enhancement, the platform will allow the creation of more decentralized business applications easier on VeChain's blockchain. Once this technology upgrade has been completed, the VeChain platform will receive two tokens, VET (currently VEN) and Thor Power Token. VET will remain a token
apura called VeChain Foundation, VeChain network currently operates with 111 nodes spread all over the world. The spread of VeChain mainnet, which is the main network for cryptocurrency transactions, is expected to occur during the second quarter of 2018. Bottom LineVeChain provides businesses that operate in multiple sectors with blockchain-based solutions for their day-to-day. day operational issues. With an expanding list of business partners that includes PwC and DNV GL, VeChain is on its way to help businesses achieve better product processing and control. Investments in cryptocurrency and Initial Coin Offerings ("ICO") are very risky and speculative, and this article is not a recommendation by Investopedia or the author to invest in cryptocurrency or ICO. Because each individual situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties regarding the accuracy or timeliness of the information contained herein. Read more: What is VeChain
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