Is Vechain One of the Most Underrated Public Blockchains?

Similar to EOS, many like to refer to Vechain as the Ethereum for massive enterprises. Vechain desires to take the best of Ethereum and combine it with their own protocol. This public blockchain is meant for dapps and implements Vechain’s own technology such as RFID (radio frequency identification) labels. These labels help in aiding the development of future IOT. The idea of ‘internet of things’ was first thought of in 1999, by Kevin Ashton at MIT. This is how he first defined IOT,

“A network containing all ‘smart’ devices with some sort of sensing mechanism that

can communicate via the internet with other smart devices or the cloud, without

human interaction.”

However, IOT is not the only aspect of Vechain which provides value. This blockchain will also be effective in the supply chain industry.

Vechain is very desirable for supply chain enterprises because the blockchain ledgers are completely immutable. Thus, they are unchangeable. Also, the ledger is trustless. Once a block is mined there is no need to rely on a third party for validation.

Food storage and transportation is a valuable use case. Sushi, for example, is eaten raw therefore it has to remain under a certain temperature during transportation otherwise it will spoil. With a public blockchain ledger such as Vechain, the data will display the entire transportation process from creation to consumption. Moreover, if a RFID label records that the sushi was transported above a certain temperature, the consumer as well as the supplier will know which transportation stage is at fault.

But this use case is not only limited to food. Vechain also wants to participate in the luxury goods market as well as fine wine verification. If a bottle of wine is opened prior to purchase, the RFID sensor will report to the blockchain that the wine is no longer authentic.

It is promising to see that Vechain has formed many good partnerships. For example, Vechain has formed a partnership with Price Waterhouse Coopers. PWC is a a multinational audit and consultancy firm which is involved in many different industries. A company like PWC is more likely to refer Vechain to other companies who will realize its value within various industry. Plus, it will add value to the overall network effect of Vechain.

One of the most exciting aspects of Vechain is its national level partnership with China. Over the past twenty years China has been building new cities and implementing them with experimental technology. One of China’s latest developments is to build a smart city called Gui’an. Vechain will be the mandated public blockchain for Gui’an. If items are bought and sold on the Vechain blockchain the transparency and immutability will help the Chinese government monitor taxes more accurately. Although China has been anti bitcoin their actions have been very pro blockchain.

Vitalik Buterin of Ethereum visited Gui’an in 2017 to promote the utility of blockchain technology in smart cities. NEO has also been working with the Chinese government on how to develop blockchain technology in future smart cities.

Ultimately, Vechain aims to scale to 10k transactions per second. At this rate their goal would be to lead the supply chain industry by providing full transparency and authenticity. A blockchain with the scaling magnitude of Vechain and the overall global impact is what makes this project so exciting. While Vechain was pumped recently, public blockchains have received a lot of hype over the past few months. The primary example being EOS and the launch of their main net earlier in June. However, NEO, Cardano, and others have been emphasized as well.

When deciding on long term investment decisions in the cryptocurrency space it is essential to understand which projects are on the path to decentralization. All projects start out with a centralized group of developers, however the system can be designed to eventually function with complete autonomy and decentralization. A relationship may be sincere currently, but relationships change year after year which is not effective when designing governance for cryptocurrencies. Nevertheless, trustless systems are more likely to maintain consistent efficacy over the course of the next few decades.

Vechain Whitepaper

Disclaimer: This is not financial advice. Please do your own research and make objective decisions. Please do your own due diligence. This article is intended to educate readers about the future of Vechain The author of the article owns cryptocurrency. The author has no positions in Vechain.