VeChain is a blockchain technology company operating for nearly a decade. In that time, the company has become one of the more prominent players in the blockchain space. Its services and products are used by some of the biggest names in the industry. So, when did VeChain get its start? And what made it decide to focus on blockchain technology?
How did VeChain Get Started?
Sunny Lu and Chengpeng Zhao founded VeChain in 2015. The pair had been looking for a new business opportunity and came across a chance to build a blockchain platform to improve supply chain management. VeChain quickly developed a large community of supporters, and its platform has since been used to manage a variety of assets and transactions.
Chengeng Zhao
Chinese-Canadian business executive Changpeng Zhao is known as "CZ," and he is the founder of Binance, the world's largest cryptocurrency exchange. CZ was born in China and moved to Canada when he was a child. He currently resides in Singapore. Zhao also served as the chief technology officer of OKCoin. Bloomberg Billionaires Index shows that Zhao is rated 113th, and his net worth is $14.9 billion as of May 2022.
Sunny Lu
Lu is a blockchain expert and has appeared on several news channels, including CNBC. He believes in blockchain technology to provide improved solutions in the future, like healthcare and finance. Shanghai is currently the hub for VeChain's headquarters, and they already have a partnership with the government. Lu believes that Chinese authorities want a different future with blockchain technology.
What is VeChain(VET)?
VeChain is a public blockchain platform that allows individuals and businesses to track and manage assets. The company's team has more than 200 employees located in Shanghai, Beijing, Singapore, Hong Kong, and Tokyo.
VeChain has previously ranked as the 18th largest cryptocurrency with a market cap of $4.8 billion. VeChain's primary focus is developing trust-free tracking solutions for various assets, including luxury goods, food safety, medicines, and automobiles. In addition, VeChain has partnerships with some of the world's top brands, such as PwC, Coca-Cola, IBM, and DNV GL.
VeChain launched its digital asset called VET in early 2019. VET rewards users for contributions to the network and to buy VeChain services on the platform.
VeChain Background in Global Trust
VeChain is a decentralized platform using blockchain technology to enable secure and rapid transactions. It offers a comprehensive solution for tracking goods throughout the supply chain, from manufacturing to distribution to consumption.
VeChain aims to build a global trust ecosystem by creating a transparent platform for investors to buy VeChain, businesses, and communities to connect. The VeChainThor blockchain can handle more than 1 million transactions per second.
Products and Services
VeChain's products include a cryptocurrency, VeChainThor, and a platform for tracking items. VeChain also offers a registry service for products and applications. The platform offers several unique features, including a secure database for tracking products and assets and the ability to create smart contracts.
Partnerships and Investment
The company has partnerships with several businesses, including UFC, BMW, PwC, DNV GL, and Microsoft. In addition, VeChain has partnerships with some of the most prominent names in the world, including BMW, DHL, PwC, and Volkswagen. The company also attracted significant investment from some of the world's largest companies, including Baidu, DCG, and Fosun.
One partnership that is interesting is the one VeChain made with Walmart China and the UFC.
Walmart China Partnership
Helped by the VeChainThor Blockchain Network, Walmart China can implement new traceability systems more efficiently and successfully, prioritizing products with a more profound "concern and risk." One of Walmart's main goals is food safety and quality management, which they are trying to improve with their use of blockchain technology. VeChain is also expected to be a leader in the industry with its traceability system.
UFC Partnership
VeChain's branded presence appears in the Octagon® at all forty-two events of UFC each year and in the coming years. VeChain will also have promotions for all events with plenty of interactive branding on the UFC Fight Deck and new LED decking displays positioned around the Octagon, enhancing the spectacle of these events. The collaboration also includes social media and digital platforms to produce original content only available to UFC's fan base.
In addition to sponsoring upcoming UFC events, the fitness brand partnered with VeChain to give them access to their facilities to creatively create unique experiences for their fans and become a platform for promoting additional events.
Fast-growth VeChain
VeChain started in 2015 as a blockchain platform designed to help companies and individuals track the provenance of goods. Fast-forward seven years, and VeChain has grown exponentially to become one of the most recognizable and trusted names in the blockchain space. With its focus on product authenticity, VeChain sets the standard for trust through data sharing.
VeChainThor is different from other cryptocurrencies in that it has integrated its technologies into the public and private sectors. They have the power to transform the global economy by using data security, increased transparency, and trustless technology, ensuring many applications across industries.
So if you're looking for a trustworthy blockchain platform to help your business succeed, look no further and buy VeChain.
