What is VeChain, and how does it work?
VeChain is a smart contract-compatible blockchain designed to enhance the supply chain and accelerate the mass adoption of blockchain technology.
The fundamental traits of blockchain technology, including decentralization, immutability, transparency and automation, have proven to be capable of several use cases for different businesses. However, due to the costs of creating and maintaining blockchain-powered applications, it can be difficult and expensive for enterprises to fully utilize its benefits.
With the adoption of distributed ledgers, many projects have made efforts to lower the barriers to entry. VeChain is one such blockchain platform built to improve the widespread use of blockchain technology.
One of the most significant issues facing supply chain organizations is a lack of transparency, which blockchain aims to resolve by enabling businesses to conduct transactions directly and without a third party. It also allows data sharing between stakeholders and supports increased integration of financial and logistical services.
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