VeChain seeks to restore consumer and retailer confidence in supply chains. A trust that has been eroded by the intrusion of “faux” products sold as genuine. Sensors record all stages of production and delivery of a product and all this data is recorded in the blockchain, which is public and impossible to falsify.
The prospective consumer scans the barcode with the mobile phone, finds the product and reads this data.
VeChain sacrifices decentralisation for the sake of scalability and uses a dual monetary system. Its two currencies are the VET and the VTHO. VET is used for value transfer within the network, while VTHO is used for transaction fees, but also for the execution of smart contracts orders.