Vechain is perhaps one of the most intriguing projects in the world of blockchain technology. It boasts an incredibly loyal fanbase, as well as several high-profile partnerships and all of this despite not having published a white paper. These successes are likely in no small part thanks to the company’s unique style of marketing which we covered in another article.
What is Vechain?
The company describes itself as a ‘leading global enterprise level public blockchain platform’ that aims to connect blockchain technology to the real world through a comprehensive governance structure, a robust economic model, and advanced IoT integration. They see themselves as pioneers in real-world applications.
So what does this mean?
In a nutshell, Vechain seeks to provide blockchain solutions across a variety of industries including healthcare, automobiles, and fashion. Without a white paper, and because it is difficult to find any concrete information on whether or not Vechain has a working product, it’s probably better to use real-life examples to get a better understanding of Vechains supposed real-world implications.
In an interview with Cointelegraph, Vechain Europe’s GM (Jerome Grilleres) gave an example of a way in which Vechain hopes to implement blockchain technology in our daily lives using the fashion industry as an example. You buy a luxury item, a bag perhaps. You want to make sure it’s the genuine article, so you whip out your cell-phone and open the Vechain app or the app of the brand. You scan your bag, and the app reassures you that the bag is not a fake. It could even provide additional information on the product, it’s origin, where the material comes from, what makes it unique, the possibilities are limitless.
This is where blockchain technology comes into its own because not only can blockchain technology facilitate these interactions, but it can also, as with cryptocurrency, create an unalterable record of ownership. A bag is registered to ‘Alice’ and then lost. Alice reports the bag as lost and stolen, and now anybody who finds the bag can scan it and will see it has been reported missing by Alice. Alice opens her Vechain app to search for the bag and finds she’d just misplaced it in her bedroom. No harm was done. She can record this on the blockchain, and the information will be updated.
Regardless of how much we know about Vechain, the project is undoubtedly bringing blockchain and IoT into the mainstream. They recently announced a partnership with BMW and their D.I.G project was sponsored by the Chinese Government who are allegedly taking a more considerable interest in the real-world applications of blockchain technology. One thing is sure, Vechain is a player worth watching as we speculate on the future the digital world.
Michael is an English and Creative writing graduate of Liverpool John Moore’s University, a former editor of several magazines, and a crypto-currency enthusiast. He is mostly interested in crypto-legislation and the potential of decentralized technology to change the world.