Deepika- VeChain is a blockchain network that aims to bridge the physical world with the decentralized ecosystem.
- Innovative approaches like Meta-Transaction enable flexible transactions to catapult user onboarding to the platform.
VeChain is a Chinese blockchain platform that’s recently making massive traction and huge headlines. This popularity led to its success and wider adoption across mainstream businesses. This blockchain network has collaborated with major global organizations like H&M and Renault to develop a reputed leadership across the supply chain and logistics sectors. The blockchain is supported by two native tokens: VechainThor Energy and VeChain Token. Smart contracts are one of the major aspects of this platform that accelerates the integration of this network.
What is VeChain?
This blockchain platform inherits the capabilities of DApps and Smart Contracts. In 2015, Sunny Lu founded this platform as a subsidiary of a large Chinese blockchain that’s designed to focus on logistics and supply chain information flow. It integrates a distributed ledger technology to bridge every operation of the complex supply chain business with low latency.
Before its inception, the information used to be mismanaged and unclear as various organizations were involved in this sector. With this platform, manufacturers can place tags and sensors on their products. These solutions were specially designed to record a wide spectrum of data on the mainnet throughout their journey from warehouse to customer.
It enhances quality control, management, temperature, verification, and traceability across the logistics sector. This blockchain uses VeChain ToolChain to enable businesses regardless of their size. It facilitates easy setup over-network where it can also manage data and supply chain. It enables design with little or no knowledge of coding and decentralized technology while making it more suitable for mainstream adoption.
VeChain Tokens
VeChain utilizes two native tokens named VET and VTHO. These tokens serve as the primary finance of this platform. They are also used for transactions across the network and decentralized applications (dApps). It stores the value for market speculation. VET is used as a governance token of the network by using a unique consensus mechanism called “Proof-of-Authority”. Meanwhile, VTHO (VeChainThor) is used for paying transaction fees. Businesses that require data addition to the blockchain can use VTHO token to pay fees.
This blockchain technology currently aims to work with the Gui’an Government in China as a collaboration. It recently partnered with Microsoft and Renault to design a distributed car compliance book to track the details of a vehicle’s history and make it immutable. This blockchain is also collaborating with clothing brands like H&M, oak, and Frank to integrate traceability in terms of sustainability efforts and to reach a broader user base.
It recently partnered with some large-scale organizations such as PriceWaterHouseCooper, Walmart China, and BMW. it is also used in healthcare services as some Hospitals in Cyprus use VeChain to efficiently record health-relevant details where only authorized entities can have access control of the data.
VeChain’s Meta-Transaction
For business adoption, The platform inherits meta-transaction features to enable a developer-friendly interface.
Multi-Party Transaction: A premium model of decentralized application is provided to make flexible transaction fee delegation methods to simplify user onboarding. With its innovative approach like fee delegating protocol, an organization can leverage smart contracts and gas accounts to manage the network’s necessary gas fees.
Controllable Transaction: Time can be set by users to execute or terminate a transaction when it’s not stored in a block with the help of BlockRef and transaction expiration fields.
Multi-Tasking: Developers can batch payments via calling several contract functions in a single payment to control the order of the calls using multi-function transactions.
Transaction Dependency: Dependencies could be set by individuals to hold transactions before execution unless a relevant transaction is processed. This ensures the execution of orders to fulfill business requirements.
