Decentralized VeChain Technologies from Singapore
VeChain is a decentralized blockchain system that was built on the base of Ethereum. The governing body of the system is the Singapore based VeChain Foundation. System’s first version 0.1 was launched in June 2016. The non-profit Foundation is acting as VeChain’s sponsor that is committed to its development.
VeChain used the token called VEN as a fuel of the system, to pay for products and services distributed on the platform. On February, 26th 2018 the token was renamed into VET (VeChain Thor).
VeChain Product Tracking Solution for Supply Chains
VeChain proposes an anti-piracy system with three kinds of identification smart chips that would be able to tell the authentication of the product and provide information about its origin, condition, and other specifications. There are other services as well, like smart contract functionality and much more to come.