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VeChain launched in 2018 as a proof of authority, blockchain-based software that aims to provide businesses with a more efficient means of data transfer, using a trust-free model in which the flow of information becomes transparent and easily accessible. In an increasingly globalized world, VeChain markets itself as a blockchain that streamlines the clunky processes involved with supply chains and data management. Its clients include Walmart, BMW, and luxury goods company LVMH. Alongside VET, its sister token VeChainThor (VTHO) is used to process smart contract transactions.

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