From VeChain’s own website:
VeChain strives to build a trust-free and distributed business ecosystem based on the blockchain technology self-circulated and expanding, they are one of the earliest blockchain technology companies in the world, demonstrating proven blockchain implementation experiences in industries such as luxury goods, liquor and agriculture.
VeChain, a subsidiary of China’s biggest blockchain technology company, BitSE, is a leading global enterprise-level public blockchain platform.
It aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, advanced IoT integration, and pioneers in real-world applications.
In late February 2018, VeChain rebranded to VeChainThor. It will use a two-token system like NEO does with NEO and GAS. In the case of VeChainThor, it will be VET and THOR. (Please note: You may still see the VEN ticker being used.)
On the development side, VeChain is working to release the VeChainThor blockchain by the end of the second quarter of 2018. That will introduce the two-token system of VET and THOR.
To spur development, VeChain is looking to add more than 100 additional full-time developers by the end of 2018.
1. Anti-counterfeiting in Luxury Goods
In cooperation with one of the luxury brands in Europe, VeChain embedded its specially designed anti-counterfeiting NFC chips into the products and realized anti-counterfeiting, product tracing and lifecycle management with the blockchain technology. Consumers can learn the unique “story” behind the product by simply scanning the embedded chip with the mobile application.
2. Food / Drugs
VeChain digitalizes the track records of food/drugs from its origin and every step following that, till it reaches the consumer. This enables the tracking of the food/drugs throughout its lifecycle and enhances the monitoring over it, which in turn boosts consumer’s trust in the food/drug safety.
VeChain provides the solution of blockchain enabled cloud services in combination with IoT technology specially designed for the green organic agriculture industry. It aims to provide precise data to enhance the quantity and quality of the crops, by this way it will minimize the negative impact to the environment and significantly increase the value of the quality inspection of the crops.
The Apotheosis outlines VeChains proposed governance model, introduces their steering committee and presents the concept of Masternodes in more detail specific to VeChain for the first time.
Apotheosis Part II was released on 30th December 2017 and introduced a second token into the VeChain ecosystem, which serves as a reward to VET holders operating Authority and Economic nodes and will be used by corporate partners to operate on the VeChain Blockchain.. Whilst similar in concept to GAS and NEO, it’s claimed to be very different.
VeChain will operate two types of node - Authority Nodes and Economic Nodes. The Authority nodes, known as Thrudheim Nodes, will be limited in number and subject to a strict vetting process for operators, to ensure node operators have a legitimate long-term interest in supporting the VeChain ecosystem.
1. Gui’an New Area, China - National Government Mandate
The Administrative Examination and Approval Bureau of Gui’an New Area has already started using the E-Government System powered by VeChain Thors blockchain technology to store the business registration related documents, such as a business certificate, bank account certificate, tax registration, organization code, foreign trade registration and audit reports
2. Healthcare Co. Ltd. (Mlily)
Mlily will be utilizing VeChain Thor for Proof of Origin, Proof of Authenticity and Supply chain management. It is estimated that this project will add at least 20 million RFID chips every year for the next five years (blockchain data entry points) on chain.
VeChain has finalized the terms of a strategic partnership with BitOcean. BitOcean is an ATM solution selling cryptocurrencies nationwide across both China and Japan.
As one of the fastest growing solutions, BitOcean is one of the first cryptocurrency exchanges to become fully licensed by the Japan’s Financial Services Authority (FSA).
4. Renault and Microsoft
VeChain, recently announced collaboration with Groupe Renault to provide the manufacturer with a digital car maintenance book and has revealed that blockchain technology is also capable of stopping the practice of “car clocking”. VeChain worked with VISEO and Microsoft on this proof of concept for a ‘Digital Passport’ for their vehicles.
5. Global Assurance Provider DNV GL
With over 86,000 enterprise customers in 100 countries, and 15,000 employees across 350 offices, DNV GL are understood to be working on a number of proof of concept and live implementations with VeChain.
VeChain are working with DNV GL to deliver a cold-chain logistics assurance service where each customer can quickly check the logistics information for the fresh products, from the food factory, through cold-chain logistics provider, cold storage in the store, and ultimately on the shelf to sell. They are working with a chain of stores with 26,000 locations.
6. Direct Imported Goods (Shanghai) - DIG
In a project, sponsored in part by the Shanghai Local Government, VeChain partnered with D.I.G and PwC to deliver a blockchain platform to combat counterfeiting and improve product safety.
VeChain CEO Sunny Lu was previously CIO of Louis Vuitton China. Louis Vuitton is part of the Louis Vuitton Moët Hennessy group, of which Givenchy is also a part of. Whilst not formally announced, it’s widely believed that Givenchy will be announcing a partnership with VeChain in the coming months.
Speculators are of the view that Sunny Lu would focus on further projects, leveraging connections to LVMH as a number of luxury brands within their portfolio fit - these include Louis Vuitton, Dior, Bulgari and TAG Heuer, alongside Wine/Champagne brands including Moët & Chandon, Veuve Clicquot and Dom Pérignon.
Perhaps the most important strategic relationship, however, is with the Chinese government.
Every five years, China puts out a five-year plan that maps out economic development.
In its most recent one, China made 5G wireless, smart manufacturing, cloud computing, IoT, and blockchain technology priorities.
Further, it mandated VeChain as the blockchain technology partner of the government of Guian New Area, considered to be the national data center of China.
As part of the mandate, VeChain will improve government operations, develop and build the world’s first smart city, register businesses on the blockchain, work on smart-agriculture solutions, and more.
VeChain also notes that there many other partnerships that are yet to be disclosed due to non-disclosure agreements.
Editor's note: Most of the research on this page is taken from the detailed Crypto Cue VeChain research PDF.
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