The VeChain Thor blockchain is officially live. VeChain Thor, the blockchain as a service company (BAAS), has gone live with the mining of their first block on June 30th, 2018. VeChain aims to build a decentralized business ecosystem with products that are fully tracked using a mix of hardware devices and blockchain accounting.

Why does this matter?

This is a huge step for the blockchain industry. Blockchain and crypto related companies have been known to only run ICOs and then disappear without a release of any actual working products.

This time around, it’s different. Vechain is actually launching something and showing real operations around their business concept and the problem that they are trying to solve.

A quick recap on what Vechain does

VeChain Thor has been around for over two years, and customers are already using its product. The VeChain Thor blockchain has numerous application, but the biggest is supply chain management.

VeChain Thor combines blockchain technology with hardware tracking devices – RFID, NFC chips – to locate products and track them. The technology is industry agnostic, as a wide variety of physical products can be tracked. It has particular application in the luxury goods sector where there counterfeited items are common. It will likely integrate with internet of things devices.

If you’re interested, you can read our full guide on what Vechain is about here.

What Changes is VeChain Foundation Expecting with Thor Main Net?

Thor Main Net is said to be more scalable and more stable in oppose to the current chain that VEN uses.

VeChain Thor will act as Blockchain-as-a-Service (BaaS), working in many ways as a supply chain. However, the Thor main net is said to have the main goal of becoming one of the largest platforms for deploying decentralized applications.

VET tokens will be used for powering up business ventures where the advantage on the network will be given to business owners using VET tokens.

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Author: Wilson

Wilson is a 3x Startup Entrepreneur. He is passionate about the cryptocurrency space. You can catch him tweeting about cryptocurrency often @itswilson8

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