Vechain is a Chinese company founded in 2015 by Sunny Lu using blockchain to ensure the authenticity of products with its own currency, VET (formerly VEN). The Vechain vision is to allow to trace from A to Z the life cycle of a product, thus, to prove its authenticity. By using blockchain, companies can be sure that the information has not been compromised. The products are traced and have an ID using QR codes, NFC chips or RFID chips. The whole system is based on a proof-of-authority consensus that does not require miners as all transactions and blocks are processed by validators that replace miners.
This data was last updated 2020-11-27 15:10:20 UTC