article on the block – VeChain (VET) have:
a few weeks ago a new currency in the top 20 of the Kryptowährungen is with VeChain. What’s behind this system and why rose VeChain so in the last few weeks? A look at the Kryptowährung from the Blockchain-as-a-service company BitSE.
Even if the last few weeks rather badly did the total market capital of the Krytpowährungen, there were however, some who were present not only an increased interest, but also an increased relative market capital. VeChain is such an asset: the token existing on the Ethereum Blockchain could climb within the last few weeks in the top 20 of the Kryptowährungen and is currently ranked 17
VeChain – a Blockchain for supply chain management
In the supply Chain management is desirable from different sides of a way of tracking goods along the value chain:
- companies are at’s history and the unique assignment of physical properties of suppliers ordered materials are interested.
- As the source of the products purchased, customer is important; so, one way the verifiability of an alleged fair trade or organic product is desired.
- In the case of a large-scale product recall, a traceability of all components is not only helpful to locate faulty components (and therefore guilty suppliers), but also specifically to recall specific products.
Current implementations as desirable as it may be, are available this target in the way the in used by the supply chain management ERP databases (enterprise resource planning). Not all companies – and certainly not the end seller – work using the same ERP software.
In addition, the issue of trust to take into account is: even if, for example, all links of the value chain use SAP, each database will share only data with each other – is still on the individual companies of Content to trust this data.
From different sides, the Blockchain is a possible solution: a value chain, material-related data are stored, which can be passed regardless of the respective ERP system. Accordingly, the Blockchain would act as a layer connecting all links of the value chain.
Everledger is such a system with regard to diamonds, SAP has been working on solutions. VeChain itself has set the goal to create not just for individual supply chains a system to write, but a platform for a whole, cross-company ecosystem. Accordingly, the data silos to be broken and are all parts of a supply chain available.
VeChain – Ethereum 2.0 for supply chains?
VeChain itself should be realised as an hard fork from Ethereum. The developers have modified the original Ethereum Blockchain and developed a dynamic block generation Protocol (DBGP) as well as a standardized library of smart contracts (VSCL). Just the DBGP leads to a considerably higher compared with Ethereum efficiency, because the block production is adjusted to the current requirement.
VET token, the VeChain token, recalls the role that covers gas in other Blockchains smart required contracts to run the stored on the Blockchain. This is the VeChain Foundation for each process one smart contracts some VET will again be returned in the form of node rewards in the ecosystem.
The new VeChain Blockchain will go live in the second quarter. At this time the current ERC20 token named VET in coins on this Blockchain be can be exchanged.
BitSE – a company with extensive Blockchain experience
BitSE, the company behind the VeChain Foundation, Blockchain-as-a-service is offered and has partnerships with companies such as PwC or the Renault group. These partnerships are the reasons for the current rise in addition to the announcement of a re-branding of the end of February. What specifically in these partnerships has been done and whether they are directly related to VeChain, is not available in the Web page. Various application fields are specified but with food, agriculture, administrative work, luxury goods and logistics. It is interesting that is entered in this context not only on the solution, but with RFID and NFC a tracking of the products quite specifically is suggested.
Currently an ERC20 token on the Ethereum Blockchain does exist the vision behind VeChain. As already mentioned, is planned that this can be changed in the second quarter of this year in coins on the new Blockchain.
The project stands out in particular as regards the use cases, but the Blockchain in the supply chain management of various other pages will be considered and used. Unfortunately, a comparison to the already existing solutions is pulled from the VeChain Foundation at any point. There exist solutions to ensure transparency in the supply chain management outside of the Blockchain world finally. An equivalent comparison would be so extremely helpful for a fundamental review of this project.
Still interferes with the preparation of the information to the project: the Web page itself is silent in various details and explains, for example, not the plethora of used abbreviations. Why the project against a real white paper has decided, unfortunately is unexplained. There is indeed a white-paper like document, which however has not claim a pretends to be, on the other hand regarding the details of the solution path only slightly clears up more as the Web page.
Nevertheless here to do it, where a company with expertise in this area sits and can demonstrate some cooperation with an important Blockchain-use-case – it’s exciting, accordingly, to continue to pursue the project. Who wants to do that, is or the VeChain Foundation on the website VeChain and documentation referenced.