VeChain targets several markets. Although it has a smart-contracts platform with dApps, its primary focus has been on the supply chain industry, and on delivering Internet of Things solutions to the market.
The supply chain is a massive industry that can directly benefit from blockchain technology. According to IBM, the implementation of blockchain could save the logistics industry approximately $38 billion yearly. VeChain is already working with different brands actively developing blockchain tracking systems, whether it is limited edition luxury bags or services history of cars.
VeChain also introduced a solution for fighting against counterfeit goods, by creating the VeChain NFC chip. The chip can be embedded almost in any product, while the customers can use their smartphone to scan products to ascertain their authenticity. The estimated losses due to counterfeiting of luxury consumer goods amounted to $98 billion, while the amount of total counterfeiting globally has reached $1.2 trillion, in 2018.
As a smart-contracts platform, VeChain also supports dApps and token launches. Although the ICO market is in a downtrend right now, the market for distributed applications is trending up and expected to lead the adoption and growth of the blockchain industry in the future.
From a market opportunity perspective, the biggest threat to VeChain is coming more from traditional players, than from crypto projects.
In the crypto space, the competition from supply management oriented projects is currently minimal, due to the fact that the market is gigantic, while the present players cannot cover even a small piece of it. The projects are not really competing, instead working in parallel on pilots for different industry leaders.
For example, IOTA joined the MOBI initiative, with some important names in the automobile industry such as Groupe Renault, BMW, Ford, and G...