On Saturday, June 30, marked the official launch of the core network VeChain – blockchain project aimed at the creation and management of data on products and goods in supply chains.

At exactly 08:00:09 the first block was successfully mined. The VeChainThor Blockchain has officially launched. pic.twitter.com/aYZs19GoAO

— VeChain Foundation (@vechainofficial) 30 June 2018

According to the report VeChain Foundation, the first block in the blockchain VeChainThor was generated at 08:00:09 local time.

Platform VeChain was launched in 2016 with the aim of creating and managing data about products and goods in supply chains, and makes the process more transparent, solving many existing problems in the sectors. App VeChain still on the test phase involved several well-known companies and brands operating in logistics, pharmaceuticals, automotive industry, goods of “luxury” the fashion industry, as well as producers of wine and spirits.

On the platform VeChain product is assigned a unique identifier, which is stored simultaneously in the blockchain and placed on a product with a NFC chip, RFID tag or QR code. Using these devices VeChain allows you to manage supply chains and track the product at any stage of its life cycle, solving the problem of counterfeit goods.

Originally based in China, currently, the company manages from Singapore, with several offices in Europe.

At the core of blockchain VeChainThor is the consensus algorithm Proof-of-Authority (PoA). As they say on the website VeChain Foundation, blockchain VeChainThor consists of 101 nodes, which belong to various organizations and individuals have undergone checks on compliance with KYC policies and standards, hardware and security.

Token VeChain (VEN), which is on the test phase of the project existed in the form of a token standard ERC-20, now takes on a life of its own, and support its migration has already announced a number of major exchanges, including Binance, Bithumb and KuCoin. Migration itself token as ojidaet will last a few weeks.

Earlier VeChain made several important partnerships, including with the University of Oxford and German automaker BMW. Earlier the company invested auditing company PricewaterhouseCoopers (PwC) and specializes in consulting and risk management the Norwegian certification society DNV GL.