VeChain

Video Title Ideas:

- VeChain is the next Bitcoin. Here's why.
- We need to talk about VeChain.
- Digital Food? Why VeChain is the next big thing.
- VeChain will soon be used everywhere. Here’s why.
- The solution to all our problems. VeChain.
- The next big crypto? VeChain.

What is VeChain?
- Crypto currency founded in 2015 by Sunny Lu,
former CIO of Louis Vuitton China
- ICO in 2017
- Based on Ethereum
- The blockchain solution for all things supply
chain
- VeChain tracks all data of a specific item
throughout its life in a supply chain, from when
it’s manufactured to when it’s in your hands.
- Basically just tracking real life objects, virtually.

How does it work?

- VeChain works by attaching a digital identity to physical products.
- Uses RFID (Radio Frequency Identification) Tags, and QR Codes to do this.
- Significant information, or any information that is tracked about the product throughout its
supply chain, is stored on the VeChain, and can be viewed by the consumer.
- The data that is put on the chain, cannot be changed, which is part of what gives it so
much value. And this data can be accessed via a QR code. Making the entire supply
chain transparent and giving consumers trust.
- VeChain also operates in a way that makes it extremely scalable, with a maximum
transactions per second of 10,000. Which is a lot when you consider Bitcoin is only 7.
- The main store of value, aka the currency, on the VeChain network is VET (previously
known as VEN). VET is used to determine the priority of a task completed on the
network. The more VET a company or person holds, the higher priority they will have
when using the blockchains resources for their business.
- Something else to elaborate on, that is a very important part of the VeChain network, is
VeThor(VTHO). VeThor is a secondary currency within the VeChain network that is used
for completing transactions or other processes done on the network. So there are two
main currencies on VeChain, VET(the main store of value) and VTHO(the fuel that is
required to process data or transactions on VeChain).
Why is this good? Application?
- This could solve fake items! Real items would become verifiable, leaving fakes worthless
and untouched. Sneakerheads would appreciate something like this.
- A specific application of this is with Direct Imported Goods in China. The
partnership started in 2017 due to 30,000 counterfeit wine bottles being sold in
China every HOUR, VeChain will seek to reduce or eliminate this number by
implementing chips into the wine bottles that verify the genuine identity and
history of the product to the consumer, to assure they are not buying a counterfeit
product, or in this case wine bottles.
- Huge applications with food, consumers could get instant access to information on how
the food was handled, the temperatures the food was stored at, how it was transported
to the store, etc..
- This would even greatly benefit suppliers, that amount of data about their products could
help them optimize their processes. (Production, Transportation, etc…)
- Data transparency like this would allow shareholders to be more involved, monitoring
data throughout the entire supply chain and possibly voting on chain, or pointing out
issues.

Possible Medical Application?

- Tracking a product throughout its supply chain increases safety more than anything, so
there is no doubt that vechain has its place in medical and healthcare industries.
- VeChain would allow for the monitoring of medical devices, drugs, vaccines, or anything
that might need special care or transport.
- It’s even helpful post supply chain: VeChain could also let the doctor access data about
a medical device a patient is using, to give the doctor access to real time monitoring of
the patient from anywhere in the world.
- The companies that designed these medical devices could also use the data to improve
the accuracy of their devices.

Notable Partnerships:
- BMW
- Walmart
- H&M
- Partnerships with large and well established companies like these show how serious the
application of vechain is being taken.
- A noteworthy partnership is with Renault, a French automobile manufacturer. Renault
has worked with VeChain to create a digital car maintenance book that is completely
trustworthy as it is 100% tamper proof.
- The mileage, any reported damage, work done to the car, would all be automatically
tracked on the cars digital maintenance log on the VeChain network, giving a buyer
confidence in the quality of the user car they're purchasing.
Future of VeChain:
- VeChain is incredibly versatile and has a potential future in any industry that deals with
physical products like food, cars, medical devices, even furniture.
- While VeChain may not be something new itself, it is giving integrity and trust to already
existing industries that have really needed it.
- VeChain will continue to provide exciting data to companies looking to optimize, and give
trust to consumers looking to buy. In many many industries.