To track products in a supply chain, VeChain uses a system called VeChain Identity (VID).
The PoA mechanism means that large transaction volumes can be processed quickly, but it relies on a central authority that checks and authorizes users who can take part in processing transactions. There are a limited number of Authority Masternodes, and to become one, a user must stake at least 25 million VET and submit a KYC to the VeChain Foundation. The PoA consensus mechanism uses Authority Masternodes to verify transactions on the blockchain. Using VTHO allows applications on VeChain to charge stable fees, this is because VTHOR supply can be changed to ensure a stable transaction price. VTHO is used for transactions on the network. The token relies on its unique Proof-of-Authority (PoA). VET is used as the currency within the VeChain platform, for example, to carry money from smart contracts and to store and transfer value in and around the ecosystem. The Vechain platform has two tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). It works as an Internet-of-Things token layer that allows users to track assets on the blockchain, it is also smart contract compatible meaning dApps can be made. What are VET key features and how does it work? Its technology can be used to improve the efficiency, transparency, and traceability of supply chains and some of its current partners include Renault, PwC, and Microsoft.
The supply chain industry is expansive and encompasses a variety of sectors, thus VeChain aims to optimize the processes in complex supply chains by using distributed ledger technology (DLT). However, VeChain has grown to facilitate other use cases on its blockchain. The blockchain platform aims to allow businesses to build and run decentralized applications with a core focus on supply chain management and business processes. In 2017 the VeChain Thor mainnet was launched after a successful ICO. It was originally running on the Etherum network, under the token name VEN.
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