Learn about VeChain (VET), Transparency in the Crypto World

VeChain (VET) is a cryptocurrency that has a unique vision, namely to introduce transparency and reliability to various industries using blockchain technology. Understand more about VeChain (VET), from the history and goals of the project to the technology and its real-world uses.

VeChain (VET) Creation History

VeChain (VET) was founded in 2015 by Sunny Lu, a former Chief Information Officer (CIO) at Louis Vuitton China. Initially, the project was known as the VeChain Foundation and aimed to provide blockchain solutions to improve industrial supply chains, especially in terms of product authentication and quality monitoring.

Over time, the project evolved into what is now known as VeChainThor Blockchain. VeChain has gone through various stages of development, mainnet launch, and integration with various companies and industries around the world.

Purpose of Creation of VeChain (VET)

The main goal of creating VeChain is to provide innovative and powerful blockchain solutions to increase transparency, reliability, and efficiency in supply chains and other related industries. Some of the key goals of creating VeChain are:

1. Product Authentication

Enables real-time monitoring of products from source to consumer, thereby reducing the risk of counterfeiting and ensuring product authenticity.

2. Supply Chain Management

Provide solutions to improve supply chain management, including asset tracking, inventory management, and logistics process optimization.

3. Quality Monitoring

Using blockchain technology to monitor and verify product quality accurately and transparently, ensuring the safety and quality of the products produced.

4. Operational Efficiency

Increase company operational efficiency by reducing administrative costs, speeding up the verification process, and facilitating secure data exchange between various parties in the supply chain.

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Advantages and Disadvantages of VeChain (VET)

Here are some advantages and disadvantages of using VeChain (VET).

Advantages of VeChain (VET)

1. Supply Chain Transparency

VeChain enables real-time monitoring and tracking of products in the supply chain, increasing transparency and ensuring product authenticity. With blockchain technology, VeChain provides a solution to the problem of product counterfeiting, ensuring the authenticity and quality of products to consumers.

2. Supply Chain Efficiency

VeChain helps improve operational efficiency in supply chains by reducing administration costs, speeding up verification processes, and facilitating secure data exchange.

3. Collaboration with Large Companies

VeChain has established partnerships with major companies across a variety of industries, expanding the reach and adoption of its technology.

Disadvantages of VeChain

1. Dependence on Technology

Reliance on blockchain technology makes VeChain vulnerable to technical issues such as network failure or cyber attacks.

2. Regulation

As the blockchain ecosystem grows, uncertain or changing regulations may pose a challenge to the adoption of VeChain in various countries.

3. Implementation Costs

Implementation of the VeChain solution may require significant investment from the company, especially in terms of infrastructure and training.

4. Limited Adoption

Despite establishing a number of partnerships, adoption of VeChain may still be limited in some industries or regions, especially in more traditional business environments.

How VeChain (VET) Works

VeChain (VET) is a blockchain platform specifically designed to support supply chain management and product authentication. Here is how VeChain works.

1. Identification and Tracking

VeChain allows each product or asset to be assigned a unique identity in the blockchain. Every step in the supply chain, from production to delivery to consumers, can be recorded transparently and irreversibly.

2. Sensors and RFID

To monitor product movements and conditions in real-time, VeChain uses sensor and RFID (Radio-Frequency Identification) technology . Information from these sensors is uploaded to the blockchain, enabling accurate and direct monitoring of product location and condition.

3. Validation and Authentication

Information recorded in blockchain, including sensor and RFID data, can be verified by all interested parties, from manufacturers to end consumers. This ensures product authenticity and prevents counterfeiting.

4. Smart Contracts

VeChain supports the use of smart contracts , which enable the automation of various business processes and agreements within the supply chain. For example, payments can be triggered automatically when a product reaches a certain distribution point.

5. Token VET dan VTHO

VeChain uses a two-token system, consisting of VET (VeChain Token) and VTHO (VeThor Token). VET is used to obtain access rights and provide security on the network, while VTHO is used as gas to execute transactions and smart contracts.

6. Konsensus Proof of Authority (PoA)

VeChainThor Blockchain uses Proof of Authority (PoA) consensus, where new blocks are verified by a strictly selected group of validators. This ensures speed and security in transaction processing.

How to Buy VET on Bittime

After knowing what VET is and how it works, are you interested in buying and investing in this crypto asset? You can do it at Bittime. VET tokens are available on Bittime in  VET IDR pairings. 

 Below is a guide on how to buy VET tokens on Bittime. 

1. Register an account at Bittime using an active email. 
2. Complete the identity verification process.  
3. Once the account is verified, open the Bittime application.
4. Select the Market menu or click the graphic icon. 
5. Select IDR pairing to buy VET with Rupiah.
6. Click 'Buy'.
7. Select the order type to use. Limit orders, market orders and stop orders are available.
8. Enter the nominal rupiah to buy VET.
9. Click the 'Buy VET' button. 
10. A notification pop up will appear. Read it carefully and click 'Confirm'. 
11. Enter the six digit Transaction PIN.
12. The application will display a successful order notification. 

Complete guide on how to buy ORDI, click here . 

Apart from buying VET tokens, you can also buy various crypto assets such as BTC, ETH, SOL, ADA, AVAX, DOGE, and many others. Don't forget, keep monitoring ORDI, BTC, ETH, SOL price chart movements today to find out crypto market trends  on Bittime. 

Crypto asset buying and selling transactions on Bittime are easy, safe and instant. Bittime is officially registered and supervised by Bappebti and Kominfo. 

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.