What is VeChain (VEN)?

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what is vechain“A Trust-free and Distributed Business Ecosystem?”

There are so many cryptocurrencies that have been released to the public in the past few years, it is hard to keep up with them all. Do any of them actually differ from each other, if so how? Bitcoin is undoubtedly the king of cryptos as it is the first one to reach a value of over $20,000 (given it was short lived). Other cryptos are fighting for the chance to have such a valuation themselves, by separating themselves from Bitcoin as much as they can, since there are numerous aspect to Bitcoin that make it unattractive compared to some.

Cryptocurrencies like VeChain, which is soon to be known as VeChain Thor is a blockchain-as-a-service company whose mission it is to build “a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high speed value transferring”.

VeChain has been around for approximately 2 years, and amazingly it actually has a working product with people using it. Many more companies are becoming wise to the power that VeChain offers when it comes to professional services, and so they are adopting a new paradigm when conducting business.

What is VeChain?

In the beginning when VeChain was just starting out, it was initially a supply chain company, however they have recently reported that they have plans to grow into a DApp platform as well.

VeChain, as we know is heavily involved with Blockchain technology, and they have managed to combine that technology with smart chips that have the ability to track items throughout their lifecycle. You have more than likely heard of such technologies in the form of NFC (Near-Field Communication), or RFID (Radio-Frequency Identification). These smart chips combined with the real world use of blockchain technology could open up a number of avenues that allow for complete trust, and remove redundant technology.

Imagine for a second that a product has been made in a factory somewhere in the world, and that product has to travel to a store where it can be sold. That product may be exchanged a number of times on its journey to the store, so you need to make sure that the product you are receiving is the same product that left the factory. VeChain, like many other blockchain companies, altogether eliminates the need for this trust between two parties. During each exchange of that product, you can scan the smart chip on the item to guarantee you are receiving the same item.

We know that blockchain is an incorruptible open ledger that promotes trust, so utilising this technology will certainly diminish chances of item getting lost or stolen.

Who created it?

VeChain was originally a subsidiary of one of China’s largest blockchain companies, called BitSe. Its COO Sunno Lu leads the team, and for most of Lu’s career he has lead a number of successful IT and Information System projects for a number of luxury brands. Most notable, he was the CIO (Chief Information Officer) for Louis Vuitton China.

  • Sunny Lu – Project Leader

Sunny graduated from Shanghai Jiao Tong University and majored in Electronics and Communication Engineering. He has served as IT executive in Fortune 500 companies for over 13 years.

  • Richard Fu – PR & Marketing Director

Richard has over 20 years experience working in multinational enterprises such as Shangri-la Group and LVHM.

  • Chin Qian – Channel & Sales Director

Chin worked for HP from 2004 to 2016 and accumulated a plethora of experience in marketing and project management.

  • Jay Zhang – Finance Director

Zhang has worked for PwC and Deloitte as a senior manager for over 14 years.

  • Scott Brsbin – General Council

Scott is a well established lawyer from the United States and has worked with some famous clients, such as: The Rolling Stones, Disney and MGM.

  • Jerome Grilleres – Business Development

Jerome holds an MBA from the London Business School and an MSc in Computer Science.

  • Jianliang Gu – Technical Director

Gu graduated from Shanghai University with a masters degree in Cybernetics.

  • Peter Zhou – R&D Directory & Scientist

Dr Zhou obtained his Ph.D degrees in Computer Science from the University of Southampton. He has over 10 years of scientific research experience, as well as published papers.

  • Bin Qian – Blockchain Director

Qian has over 10 years experience dealing with Mobile application development, specialising in developing Internet applications.

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Tony Li – Application Development Manager

Li majored in Information Security, and has over 5 years experience developing software and project management.

  • Sherry Li – Product Manager

Sherry graduated from Jiangnan University and specialized in Information Security, and has over 4 years experience dealing with application development, project management and product planning.

  • Jack Wu – Project Manager

Jack Graduated from St.John’s University in New York, and has accumulated over 3 years experience with iOS development and project management.

  • Harvey Shang – DA Facilitator

Harvey graduated from the University of Florida and majored in Computer Science.

  • Lingbo Li – Risk Controller

Lingbo graduated from the Chinese Academy of Sciences with a masters degree in Finance Engineering.

  • Cissy Chen – HR & Admin Manager

Cissy has over 6 years experience in Human Resources Management and has worked for brands such as Unilever before joining VeChain in 2015.

Why does it exists?

VeChain is the world’s leading blockchain platform for products and information.

VeChain is one of the most powerful and well structured blockchain platforms to date. The key aspect that separates them from a host of other blockchain companies out there, is the fact that they have a growing number of clients using their platform, along with a highly knowledgeable team to help improve the core technology over time.

Having the partnerships they have acquired over the years has certainly helped them push aside any sort of competition they may encounter. They may even remove any competition from the running to become 2018 most valuable blockchain company.

They have successfully implemented blockchain solutions across a number of industries like luxury goods, liquor and agriculture. VeChain have utilised blockchain technology by allowing luxury brands to establish a personal connection with their consumers. Luxury brands like LVMH can look forward to owning a digital ledger of ownership pertaining to a unique product.

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VeChain exists so that business operations can be automated via smart contracts to improve the operations of a company. The use of these smart contracts have a host of functions, such as the ability to track and trace the path of goods, and also provide a level of security and trust.

Trajectory

The real catalyst to help VeChain grow would be the further implementation with other businesses who can profit from using these smart contracts. With a growing number of companies who are seeing the light when it comes to utilising blockchain technology, VeChain could be the first leading blockchain platform for products and information.

The VeChain team are fully of experienced people who together, can revolutionise the way companies operate on a fundamental level. Blockchain technology allows companies to dive deeper into how they operate and communicate with customers, and VeChain provides a platform for businesses to operate at a much safer level by bringing to the table an aspect of trust that has never been seen before.

We should see VeChain follow through with their plans in 2018, with the second quarter bringing VeChain 3.0 go-live and VET (VeChain Token). The VET will act as a vehicle for carrying the value transfer function of the blockchain network and various commercial activities running on it. Using this method VeChain can translate the target product, participants and business activities from the real business world into the world of VeChain.

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