What is VeChain? For beginners, VeChain is a blockchain-solution, that provides companies, a way to implement the technology into a diverse array of use-case applications.
For example, take the simple piece of paper what if documents could stop being counterfeited? Even in the year 2020, paper documents such as contracts, licenses, certificates – are still used and are still relevant in this day-and-age. They showcase and divulge information.
However, paper documents are vulnerable to counterfeiting, Paper documents are vulnerable to losses and damages, and there is no support for cross-platform cooperation. VeChain incorporates blockchain technology to create an Electronic Document Management Solution Let’s say, you at the office You want to review some documents; like your job requires.
But how can you be sure that the data is correct and not tampered with? When document data is tampered with; the truth is not properly conveyed! VeChain proves you with a secure way of checking if the data in a document is legit and not be modified, or even censored! By verifying the data in the VeChain Thor blockchain; viewers are able to trust, and have confidence that the material they are accessing is unchanged, and that it will always remain that way!
Through the electronic certificate collection system, we can transfer any paper document into a digital paper and achieve the highest level of security and encryption by utilizing various security technologies.
The digital certificates will be stored on these ChainThor blockchains. The owners of the electronic certificates can authorize relevant parties to access the electronic certificates stored on the blockchain to verify the authenticity of the document.
By comparing the paper document and the digital document stored on the Vee ChainThor Blockchain, government agencies and banks are enabling to conduct rapid verification of the relevant documents.
For judicial, arbitration, auditing and other institutions, the electronic certificate stored on the blockchain can be used directly as digital evidence – fast and valid.
This notion of trusted data should be universal, but the principle is especially important when thinking about government agencies and say – financial service providers.
To that point, VeChain Thor blockchain will have the ability to handle more than 10.000 transactions per second Wow! Fun fact: The Thor in VeChain Thor was inspired by the hammer-wielding god of thunder! This name was the result of a rebranding back in 2018.
To quickly name-drop a couple of the renowned company partners that VeChain has formed over the past few years – DNV GL, and PriceWaterhouseCoopers are two of the largest assurance & auditing companies on the planet, respectively.
Not only can VeChains technology directly impact the core-internal operations of how these partners conduct their own work practices but even more amazing is how DNV or PwC can showcase and continue utilizing VeChains technology with their own clients as well.
Talk about a win-win situation – am I right? That’s it! I hope you enjoyed my brief introduction and use-case to VeChain Thor. Please visit www.vechain.com for additional information.
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