In four words or less: IP protection and Supply Chain Management (SCM)
VeChain (VET) is a blockchain-enabled platform that is designed to enhance supply chain management processes. By utilizing tamper-proof and distributed ledger technology, VeChain provides retailers and consumers with the ability to determine the quality and authenticity of products that are bought.
What problem does VET solve:
Vechain enables the tracking of stock and products to provide a tamper proof chain of authenticity that protects both producers and consumers. Consumers can learn the unique “story” behind a product by scanning the embedded chip with the VeChain mobile application or an NFC reade
Properties of (VET):
It is an Ethereum-based platform and token geared toward tracking massive inventories and other industrial use cases.
It differentiates itself technologically both by having a centralised, top-down development process as opposed to the decentralised model favoured by other cryptocurrencies and by using Proof-of-Authority.
Management and governance:
VET is managed by the VeChain foundation, a non - profit entity established in Singapore in July 2017. The foundation is committed to VeChain’s development, construction and governance, and the harmonious development of open source communities.
The CEO of the VeChain Foundation, Sunny Lu, has already been making quite a name for himself in the blockchain space. Before the launch of VeChain, he co-founded a Chinese internet start-up, which created Qtum, one of the bigger players in the crypto space.
Adoption and penetration:
We have no information about actual adoption and penetration. However, Vechain has significant partners. VET was the first cryptocurrency to make a deal with the Chinese government, as it became the blockchain technology partner of the regional government of Guiyang. It also started developing technology solutions for China’s tobacco industry through partnership with China's National Research Consulting Center (NRCC). It also partnered with PricewaterhouseCoopers, DNV GL, BMW, Michigan State University, and Oxford University Math. PricewaterhouseCoopers helped it create the first accredited cryptocurrency disaster recovery plan.
Risks and limitations:
Operates in China, an uncertain environment for crypto.