VeChain says it’s independent VeChainThor blockchain is live and has generated its first block.
At exactly 08:00:09 the first block was successfully mined. The VeChainThor Blockchain has officially launched. pic.twitter.com/aYZs19GoAO
— VeChain Foundation (@vechainofficial) June 30, 2018
This marks a major step in VeChain’s mission to migrate from the Ethereum blockchain and shed its start as an ERC20 token.
The actual token swap is expected to happen in mid-July, according to the platform’s mainnet launch timeline.
The Singapore-based blockchain startup is a Blockchain-as-a-Service (BaaS) provider that aims to offer its services to a wide range of enterprise-level companies.
The platform has ambitious plans to bring supply chain logistics to the blockchain in order to verify product authenticity and prevent counterfeit goods.
VeChain recently announced it’s working with global supply chain company DB Schenker to gather and evaluate data on goods being transported in China.
A recent survey of senior-level shipping executives found more than half are considering blockchain technology for their businesses.
The supply chain isn’t the only area of focus for the VeChain ecosystem. The company recently released an updated whitepaper and roadmap defining how its protocol can be used in vehicles, government affairs, digital IDs, the Internet of Things and more.