VeChain (VEN): Price, Charts and Market Cap

VeChain is a global information transformation platform based on blockchain technology. The project was launched in 2015 in Singapore. It digitizes real people, products or events, linking the API with the application layer of the system connecting blockchain with actual information.

Each product on the VeChain platform is assigned a unique identifier that is stored simultaneously in blockchain and placed on a product with an NFC chip, an RFID tag, or a QR code. 24/7 anyone – be it a distributor, a retail partner or a consumer – can interact with the product using one of these. The company provides a wide range of applications, including brand protection, anti-counterfeiting and food safety.

VeChain strives first of all to focus on supply chain management. Managers of the project turned their attention to the problem of counterfeit of luxury goods. According to CNN, this problem costs about $ 461 billion a year.