The main use case for VeChain is supply chain management, and the project intends to solve the problems of transparency and reliability of tracking. VeChain is best known for a large number of high-profile partnerships with enterprises like Walmart and Bauer, spanning across healthcare, retail and luxury goods, agriculture and more.The project was started in 2015 by Sunny Lu and Jay Zhang, who had worked for Louis Vuitton China and Deloitte respectively. Both of them were well familiar with the pains of supply chain management, particularly, lack of transparency.
VeChain received $1.5 billion in backing from prominent investors like BMW and Groupe Renault. They also conducted an ICO in 2017, selling 86,716,263,400 VEN Ethereum tokens at about $0.0007 a piece.