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VeChain (VET) is a versatile enterprise-grade L1 smart contract platform that originated in 2015. It is recognized for its pioneering role in real-world enterprise applications, utilizing a distributed platform powered by Internet of Things (IoT) technologies, NFC chips, and blockchain to address data-related challenges across various industries. VeChain employs an intelligent two-token model, VET and VTHO, to separate the protocol's store of value and gas fee payment mechanisms, ensuring stable and low costs. The platform is dedicated to driving real-world adoption of blockchain technology, with a focus on sectors ranging from supply chains to sustainability.

VeChain operates through unique identifiers known as VeChain IDs, which are assigned to products. These IDs, tracked by sensors at each step of a supply chain, create a secure environment for all parties involved, documenting and verifying movement data. The platform aims to provide comprehensive information about products and business processes, enhancing market transparency and making international trade more efficient. VeChain software allows enterprise developers to create and run decentralized applications (dApps), offering a higher level of services and goods. The platform also uses proprietary solutions and developments, including ToolChain, My StoryTool, the VeChainThor blockchain, and IoT technology to facilitate processes.

VeChain seeks to disrupt traditional business models, particularly in the supply chain industry. Its transparent technology with no single point of control allows for enhanced security, efficiency, and ease of tracking for all kinds of data, while reducing costs through trustless automation via smart contracts. The platform has wide appeal to many different clients and industries, from carbon and supply chain to international logistics and incentivized ecosystems. VeChain's platform also includes VeBetterDAO, a wave of incentive-based sustainability dApps, aiming to onboard the next billion users to Web3 over the coming decade.

VeChain was created by Sunny Lu, a former IT executive and CIO of Louis Vuitton China, and co-founder Jay Zhang, who previously worked for Deloitte and PriceWaterhouseCoopers in finance and risk management. Established in 2015, VeChain is one of the oldest dedicated smart contract platforms on the market. The platform has continuously demonstrated its leading role as a driver of blockchain in business, working closely with key auditing and certification consultants such as PriceWaterhouseCoopers and DNV to verify data quality and certify industrial processes. VeChain has a maximum fixed supply of 86,712,634,466 tokens and uses a Proof of Authority (PoA) consensus mechanism for network security.