Supply chains can be complex, and VeChain aims to simplify them. In this explanation, I will break down the "Why," "How," and "What" of VeChain. I gave it a 5-star rating because I cannot think of a better solution for addressing the common issues associated with logistics.
Why? VeChain's existence lies in its commitment to transforming supply chains into trustworthy, transparent, and sustainable ecosystems. By leveraging blockchain technology, VeChain aims to overcome the inherent challenges of traditional supply chains, foster consumer confidence, and drive positive social and economic impact.
How? VeChain achieves its goals through the following methods:
- Disintermediating information from data to provide a comprehensive view of an organization.
- Enabling transactions between Internet of Things (IoT) connected devices.
- Offering a 360-degree view of crucial information related to a product and its business processes (e.g., storage, transportation, and supply). This information is accessible to authorized stakeholders, promoting market transparency.
The VeChainThor blockchain employs Proof of Work (PoW) for every transaction. This means that if the parties involved in a transaction make an incorrect initial estimate, they can mine more VTHO.
Additionally, the VeChainThor blockchain utilizes Proof of Authority as its consensus protocol. In this protocol, votes are distributed based on VET holdings and disclosure.
What? VeChain enables tracking of various aspects related to products, including quality, authenticity, storage temperature, transportation medium, and last-mile delivery. Show Less
