What is VeChain (VET) used for?
A deeper look at what VeChain (VET) is used for.
No longer are the cryptocurrencies that power blockchain tech purely the domain of speculators.
We’re finally seeing blockchain technology being used to solve real world problems.
One project that’s forging ahead in this regard is VeChain (VET) with a solution to the way companies approach supply chain management.
VeChain features an increasing number of technological advancements and international business partnerships that are worth looking at.
This section of our VeChain (VET) guide takes a deeper look at what the blockchain is used for, highlighting its top 4 use cases.
Let’s dive straight in.
Top 4 VeChain (VET) Use Cases
After expanding to the point where its ToolChain onboarding platform can now accept new applicants, VeChain can start solving real world business problems.
4 of which we go over below.
1. Energy
The first use case for VeChain (VET) is for use within the energy industry.
The VeChain blockchain can be used to track an individual or company’s carbon credits, which in turn can be traded on the open market.
As we move toward a global solution for climate change, economic incentives such as carbon credits are going to have to be transparently tracked.
With an already working solution, VeChain has positioned itself to take advantage early.
2. Medical
Second up, another use case for VeChain (VET) is for use within the medical industry.
While privacy is an obvious concern for many, inaccurate health records can also lead to disastrous medical outcomes.
Currently we see a large proportion of medical records stored on outdated, legacy systems.
As a result, they are not easily transferred between doctors, sometimes with catastrophic results.
If medical records were securely stored on chain and available to professionals when needed, lives will be saved.
3. Food
The next VeChain (VET) use case we want to highlight is for use within the food industry.
Delivering food from farm to plate takes movement along a long, multi-faceted supply chain that is open to problems every step of the way.
Using VeChain to track food as it moves along will ensure quality and integrity of the product is maintained.
Ultimately leading to a safe, delicious product once it hits the consumer’s plate in the end.
4. Quality control of ANY supply chain
While the previous 3 VeChain use cases have focused on specific industries, we finally want to highlight VET’s ability to limit counterfeiting.
An issue that is seen across industries, counterfeiting not only sees the supplier lose revenue, but the consumer potentially delivered sub-standard product at the end.
VeChain offers the ability to track items from production, through distribution networks along the supply chain and finally to delivery.
This transparency ensures the product delivered is legitimate and of the expected quality.
Final thoughts on what VeChain (VET) can be used for
This section of our guide to VeChain (VET) has gone over just a few key examples of how VeChain can be used.
Ultimately you can see that VeChain is helping real businesses solve problems relating to supply chain management.
A massive global market that crosses over to almost every industry, in every corner of the globe.
For a full directory of dApps running on VeChain check out the list on VeChainWorld.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share your thoughts on what VeChain (VET) is used for within the comments section below? All comments that add something to the discussion will be upvoted.
This VeChain (VET) blog is exclusive to leofinance.io.
Posted Using LeoFinance Beta
Anything that saves lives in one way or the other is important and paramount. The "medical records" use case does that as this helps the records readily available which directly saves time too.
Everyone loves transparency and being able to follow the transaction gives an edge.
Vechain to the world!!
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In terms of using blockchain tech for allowing the easy transfer and access of medical records, privacy is always going to be a concern.
You're never going to make everyone happy here and I'm not even sure which camp I personally sit in as to whether this is a good thing or not.
What I do know is that my privacy doesn't matter if I've died from a preventable issue...
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It's a nice transition. By making everything public on the chain, it reduces the trouble for anyone involved since they can see anything happen at any point in time. I think it can probably be applied to a lot of things and even public documents.
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Yep, and the question then becomes:
Is VeChain the best blockchain solution?
While nobody has an answer to this question yet, VeChain positioning itself in catering to the supply chain niche is a smart move.
I've made it clear on my blog in the past that I see cross-blockchain integration as the key and that the future will be a web of interconnected blockchains.
If VeChain can even solve a small chunk of supply chain issues, then it will be a success.
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I have not heard about it before but for this things you highlighted about this vechain I believe is going to help to solve many problem.
Posted Using LeoFinance Beta
VeChain has sort of snuck under the radar, hasn't it?
VET is actually now the number 22 crypto by market cap.
This puts it above giants like Cosmos, Fantom, Tron and EOS.
Don't sleep on VeChain (VET).
Posted Using LeoFinance Beta
Ok
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I thought this network was from Venezuela and ran PETRO hahaha.
I was very wrong.
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Haha, random.
But this has now got me thinking.
What blockchain does Venezuela's PETRO run on?
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I'm sure I remember buying some of this on a punt, it's sitting on Bittrex, can we do anything with it yet do you know?!?
Posted Using LeoFinance Beta
At the moment, you can stake VET on your usual centralised suspects.
Meh.
But I guess the real question on everyone's lips is:
Is there a VeChain DeFi platform?
Right now there is Vexchange.
The DEX can be accessed directly within the official VeChain wallet and while I have never used it myself, seems to have a good reputation within the VeChain Reddit community.
If you're interested, I also recommend following news around VeChain 2.0.
After launching, this upgrade should open up a ton more DeFi possibilities for the chain.
But ultimately it seems the VeChain team have never really wanted to take the token down the DeFi path.
Instead, their focus has always remained on using blockchain to solve business supply chain issues.
That's their niche and if they can successfully fill it, they won't need DeFi dApps to be successful.
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Ah OK does sound interesting!
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