VeChain is a decentralized blockchain for the recording and storing of product information. Businesses are able to use this trust-free and distributed ecosystem built using Ethereum’s blockchain technologies to record various information about their products and services. The information will be immutable and unchangeable, thanks to the integrity of the cryptographic proofs used by the blockchain. VeChain offers an API Gateway Service through which merchants can accept payments in cryptocurrencies. This blockchain platform is specifically targeted at the industries of luxury goods, agriculture, logistics, food, and medicine, deploying most of its 111 nodes for use in these areas. Even governments can become a node on the network.
VeChain (VEN) Ethereum tokens are used to power data-related transactions and purchase products and services on the VeChain platform.