How VeChain Creates Secure Business Environment? | Blockchain Central

VeChain, founded in 2015 in Singapore, aims to revolutionize supply chain management by providing a transparent, trust-free, and distributed business platform. The VeChain Thor Blockchain, launched in July 2018, integrates smart contracts and IoT solutions to enhance product tracking and quality assurance. Technologies like RFID, NFC, and QR codes enable real-world applications, such as monitoring the freshness of fish in the supply chain. VeChain also supports DApps, ICOs, and blockchain services, using a dual currency system with VET and Thor Power Tokens to maintain economic stability. The platform is designed to attract businesses by focusing on their specific needs.

What is the primary goal of VE Chain as mentioned in the video?

• To create a new cryptocurrency

• To replace traditional banking systems

• To build a trust-free and distributed business platform

• To develop a social media network

What are the two main functions of the VE Chain Thor Blockchain?

• Data mining and cloud storage

• Social networking and messaging

• Video streaming and gaming

• Smart contracts and IoT integration

How does VE Chain help in tracking products in the supply chain?

• By using drones for delivery

• Through RFID tags, NFC chips, and QR codes

• By employing human inspectors

• Using satellite tracking

What is the purpose of the dual currency system in VE Chain?

• To discourage new users

• To stabilize token prices and reward validation nodes

• To increase transaction fees

• To create a monopoly in the market

What additional functionalities does VE Chain support according to the video?

• Online gaming

• Video conferencing

• Development of DApps and blockchain as a service

• Social media integration