VeChain is a cryptocurrency and blockchain platform that is targeting the Internet of Things. VeChain allows manufacturers to assign products with RFID (radio-frequency identification) identifiers which record information across the supply chain. RFID information becomes subsequently available on the VeChain blockchain.
VeChain is designed to be used across a number of industries such as automative, pharmacy or agriculture. The objective of VeChain is to make the supply chain more efficient, transparent and cost effective by using blockchain technologies. With VeChain different companies along the supply chain can track items through every stage, in real time, and verify information. This happens via the VeChain Identity Technology (VID) which provides a physical way to track a product.