Blockchain technology is slowly starting to integrate its way into companies across the world. Some of this tech is looking to make slight improvements for businesses, while others look to drastically overhaul them, many of them with the hope of doing so in the near future. VeChain is one of those coins that will turn its industry upside down, proving the importance of blockchain with an immediate effect on companies it has partnered with.
VeChain was launched in June 2015, co-founded by Project Lead, Sunny Lu. While a lot of blockchain companies seem to have appeared overnight, VeChain has been working on this project for nearly three years. They are currently located in France, Singapore, and Hong Kong, and as their company grows and more partnerships are built, expect them to continue expanding across the globe. Their impressive resume of employees brings in experience from all fields necessary for this project to be successful. I was surprised to see so many people at VeChain with doctorates in such fields as Research and Development to Finance, along with employees with degrees in Information Security and Law. When putting a company in place that reaches so many different markets, having this kind of depth and experience to rely on not only boosts confidence for investors, but businesses looking to expand partnerships as well.
Here’s the fun part. While the background and resume of VeChain was impressive, this is what will have most investors sold: VeChain’s product is EXACTLY what blockchain technology is for. I have seen a lot of blockchain products and thought, “Yeah, there might be a market for that,” but when you dive into what VeChain is doing, you’re baffled as to why this isn’t the biggest news in blockchain technology.
Let’s get down to what it is exactly that VeChain does. VeChain offers a variety of services that range from combating counterfeit luxury items, cold-chain logistics, automotive data logging, and data storage for agriculture and medicine. And while looking at their current services and how they impact those industries, you begin to see how the possibilities for VeChain are endless. Let’s break down how VeChain’s services work:
- Combating Counterfeit Luxury Items: VeChain will use RFID tags on luxury items, like designer handbags or expensive wines, that will allow vendors to log its authenticity on the blockchain. Consumers will be able to download an app on their phone that will allow them to check the item on the blockchain to ensure that the item they purchased is 100% authentic.
- Cold-Chain Logistics: When deliveries of perishable items are being made, it is important for the customer (company) to know that the items were being kept at a certain temperature so that their customers do not consume a product that has gone bad. VeChain will allow these delivery trucks to have sensors installed that will monitor and record the times, dates, temperatures and even steadiness of the items being delivered, all written on the blockchain to guarantee to the client that their perishable items were delivered safely.
- Automotive Data Logging: Car manufacturers will have the ability for each car they produce to have a unique ID that can keep tabs of the car’s history, including any repairs, maintenance and car owners it has had throughout its life cycle.
- Data Tracking and Storage For Agriculture and Medicine: IoT sensors for soil and climate conditions will be tracked and logged for agricultural industries that run into farming challenges, while on the medical side, manufacturers of medical devices with high risk use cases (like pacemakers) can track and monitor the production of these devices to ensure that they are being safely produced, and record that information recorded on the blockchain. Both industries have little room for error when it pertains to human life, and will now have a higher degree of accountability.
By looking at just a few of their use cases, you can see how this could be beneficial in so many different industries. The ability to have real-time tracking and recording of information is vital for most industries, and now with this technology having the ability to record it in a way that is immutable, this becomes not only appealing to companies but necessary.
As of this blog, VeChain ($VEN) currently sits at #16 on the Coin Market Cap with a price of $5.45 per coin. Total Supply is 873,378,637 (after doing a coin burn from their original amount of 1,000,000,000.) The current circulating supply is 478,484,776. $VEN got to an ATH of $9.45 before the market dropped, and there is no doubt that the price should not only return to this amount, but easily march past it throughout the year. You’re looking at one of the few coins that is ready to be used by real consumers and add real volume, and at its current pricing (and with potential drops before the next bull run) it should make for some serious profits for any holder.
No major concerns here, but wouldn’t be doing my due diligence if I didn’t bring them up. As some of you may know, there are a few competitors to VeChain. Waltonchain ($WTC) and WaBi ($WABI) both have similar services they offer and could offer up some competitiveness in the market. I have looked into all three, and while I feel they all offer a value to the blockchain community, partners, and customers, I believe that VeChain offers more variety of services that have the ability to create the most impact through its partnerships. And while it is still a rumor, noise of VeChain partnering with BMW would be a boost that would leave its competitors with a lot of ground to cover.
There are so many great things I could write about VeChain. I absolutely love blockchain companies that not only have a real use case, but one that will literally change the way their industry is run. This isn’t a tech that you have to force on your consumers; it’s quite the opposite, where I believe the demand will be second to none. Their partnerships with PricewaterhouseCoopers, DNV GL, and Renault Group are incredible ways to get started out of the gate, and these partnerships are not soft announcements, where you do minor consulting. PWC, as one of the leading auditing and assurance groups in the world, will have a huge impact on VeChain’s volume of business. VeChain’s National Level Partnership with China will also be a huge boost to revenue, as they have been chosen to be the blockchain technology partner of the government of Gui’an. Partnering with the Chinese government on projects is not only good for business, but should give investors confidence in VeChain’s ability to do business in a country with strict cryptocurrency laws.
VeChain $VEN Resources Below: