Crypto Education: VeChain - Introduction to Blockchain and IoT Integration

VeChain is a blockchain platform that aims to enhance supply chain management and business processes by utilizing blockchain technology and the Internet of Things (IoT). It was founded in 2015 by Sunny Lu and has gained attention for its focus on improving transparency, traceability, and efficiency in various industries, particularly in supply chain management, logistics, and product authentication.

VeChain uses its native cryptocurrency called VET (VeChain Token) to facilitate transactions and interactions on its platform. In addition to VET, there is also a token called VTHO (VeThor Token), which is used to pay for the costs associated with using the VeChain network, such as executing smart contracts and recording data.

One of VeChain's distinguishing features is its focus on integrating real-world data through IoT devices. By attaching IoT sensors to physical objects, the platform allows businesses to track and record information about the movement, status, and authenticity of products throughout their supply chains. This information can be stored securely on the VeChain blockchain, providing an immutable and transparent record.

VeChain has formed partnerships with various companies and organizations, including PwC, DNV GL, Walmart China, BMW, and others, to implement its technology in real-world use cases. These partnerships have enabled VeChain to showcase its potential in improving supply chain transparency, anti-counterfeiting measures, and data sharing across different industries.