- Live from: June 2016
Vechain is a blockchain using A Proof of Authority consensus algorithm which demands that nodes are authorised and approved by the trusted central party in order to participate in the blockchain consensus. The Vechain platform was designed to prevent the compromising of physical supply chains. Vechain allows its users to track physical items throughout all stages of the entire supply chain enabling checking of quality control, inventory management, servicing history and spare part replacements. Through the combination of blockchain technology with physical hardware, attached to goods, VeChain enables suppliers and manufacturers to have increased transparency on the source of the product and its movement through the supply chain.
- High profile partners are adopting the technology such as PWC, Walmart China, Penfolds and Government agencies in China.
- Technology is already being adopted by a number of hospitals and medical facilities.
- The food industry is also starting to adopt VeChain to check the freshness of highly perishable goods.
- 5-star rated Blockchain Service Certificate from TÜV Saarland
- Serious competition from traditional technology sector players, such as IBM and BMW, who are already working on a supply chain blockchain solution.
- The use of Proof of Authority makes VeChain a more centralised blockchain than other alternatives.