VeChain (VET)

Supply Chain Management

VeChain helps businesses track products from the origin to the customer. It records data like production, shipping, and storage on the blockchain, making it easy to verify authenticity and quality. Companies like BMW, Walmart, and Renault use VeChain to improve transparency and efficiency in their supply chains.

Anti-Counterfeiting

VeChain allows consumers and businesses to check if products are genuine by scanning QR codes linked to blockchain records. This is used in luxury goods, wine, and retail to fight fake products and ensure trust.

Data Authenticity and Transparency

VeChain stores important data in a tamper-proof way, helping companies manage information like product details, certifications, and compliance with regulations. This builds trust between brands, partners, and customers.

Carbon Emission Tracking and Sustainability

VeChain supports tracking carbon footprints by recording environmental data from smart devices. Consumers and companies can earn credits for reducing emissions, promoting eco-friendly behavior.

Decentralized Applications (dApps) and NFTs

VeChain supports smart contracts and decentralized apps, including NFT marketplaces like VeSea, enabling new digital asset use cases beyond supply chains.

Business Ecosystem and Blockchain-as-a-Service (BaaS)

VeChain offers an easy-to-use blockchain platform for enterprises to build solutions without deep blockchain knowledge. It connects businesses, users, and service providers in a shared ecosystem to reduce costs and improve trust.

For more details, visit the official VeChain website or their community resources.

Pros

• Works with big companies like Fortune 500 businesses, showing strong real-world use.
• Offers many tools that make it easier to build and use smart contracts.
• Has real applications in supply chains, automotive, healthcare, and product authentication.
• Uses a Proof of Authority (PoA) system that allows faster transactions and better scalability.
• Supported by a large and active community.
• Integrates with Internet of Things (IoT) devices for tracking and data collection.

Cons

• The PoA consensus relies on a limited number of authorized nodes, which can feel more centralized than other blockchains.
• Some parts of the technology, like sensors for tracking, may take years to be widely adopted.
• Like many cryptocurrencies, its value can be quite volatile.
• Adoption depends on businesses continuing to buy and use VeChain tokens for their services.

Founders of VeChain

VeChain was founded by Sunny Lu, who was formerly the Chief Information Officer (CIO) of Louis Vuitton China. He started the project in 2015 with the goal of using blockchain technology to improve supply chain management and product authenticity. Some sources also mention Jay Zhang as a co-founder alongside Sunny Lu.

Main Investors

VeChain has received funding from several key investors including Astoria Venture Fund, IOSG Ventures, DNV GL, and PricewaterhouseCoopers.

Additional Investors

Other investors involved with VeChain include BlackDragon (Zagreb), BlockAsset Ventures, Contango Digital Assets, CREAM (Las Vegas), and Cyberight Capital.

Funding Rounds

VeChain has completed multiple funding rounds, with notable corporate rounds occurring as recently as May 2018.

Halal Status

Yes, VeChain is considered halal.

Reason

VeChain aligns with Shariah principles because it focuses on ethical use cases, does not involve interest (Riba), and uses a proof-of-stake system. Islamic finance authorities like Islamic Finance Guru (IFG) have screened and approved it as halal.