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VeChain is a startup of the Internet of Things that aims to revolutionize the functioning of supply chains. The company specializes in guaranteeing the authenticity and quality of products, helping brands in the war they fight against counterfeiting.
And at 17,26 INR on 18th November 2017, VeChain reached to settle at 17 INR on 30th November 2017. Otherwise VeChain had collaborated with QUOINE.
VeChain team was into re-branding their wallets and had even collaborated with Xiamen Innov Information Technology.They had even teamed up with a Japanese ATM,BitOcean to continue building the world's first ATM powered fiat payment application ecosystem on the blockchain. And at 21,62 INR on 1st December 2017, VeChain experienced an upsurge at 127,03 INR on 29th December 2017.
Initial price on 1 January 2018 was INR 232.20 and then Vechain finally reached INR 372.37on 31 January 2018.
Starting off on 1 February 2018 at INR 404.89, Vechain was trading at INR 322.83 on 28 February 2018.
To be able to follow the entire distribution chain, VeChain relies on blockchain technology. Wherein Vechain offers traceability to dealers, producers and consumers and ensures the authenticity of the products used.
To achieve this, the company affixes on the products concerned markers (called radio frequency identification chips or RFID chips). These can be scanned at any time using a smartphone, thus validating the authenticity of a product. If the chip is damaged or missing, the blockchain considers that the product in question is defective.
VeChain is providing innovative technology for supply chain management revolution which is believed to be adopted by many companies in the future. VeChain has also teamed up with Renault to help it ensure the authenticity of the spare parts used in its production line.
In May 2017, VeChain joined PwC's incubation program, with the desire to democratize the use of blockchain technology in Southeast Asia.
VeChain is thus, for many, one of the most promising projects combining IoT and blockchain, with IOTA, WaBi or Walton.