Coin Vs. Coin: XDC/VET
An industry with a lot of middlemen between the seller and the end customer is ripe for disruption by blockchain technology. Ocean shipping is one such industry that has many points of contact involved in the transit of a single shipment such as banks, ports-of-call, dockmasters, and freight forwarders.
XinFin (XDC) and VeChain (VET) are two blockchain companies in the shipping sector of the cryptocurrency market that have created valuable solutions to increase efficiency for maritime shipping. This article will compare the XDC/VET coins and the blockchains behind them.
What is XinFin?
XinFin, short for eXchange inFinite, is a proof-of-stake blockchain that powers TradeFinex, a global trade and finance platform. TradeFinex facilitates complex transactions involved in global shipping by organizing data from shipping documents such as letters of credit, invoices, and bills of lading.
The ocean shipping industry is ancient and moves trillions of dollars around the world every day which makes it hard to believe that ocean shipping still relies on physical paper to document transit and financial information. XinFin was created to improve the inefficiency of data collection in ocean shipping using interoperable smart contracts.
As explained in its whitepaper, XinFin is a proof-of-stake blockchain programmed for speed. It uses “rigorous security and fast finality” to quickly add new blocks of data to its blockchain, via interoperable smart contracts, as a shipment completes various legs of its journey. XinFin is extremely fast, using interoperable smart contracts that process 2,000 transactions per second.
It also has a hybrid messaging feature compatible with the legacy systems so various different points of contact involved in shipping can communicate with each other. Its XDC coin is bought and staked by shippers to validate new blocks of data, enforce network security and generate new blocks of data.
What is VeChain?
VeChain is a supply chain SaaS (software-as-a-service) platform built on its blockchain providing track and trace data to shippers, manufacturers, and end customers. VeChain provides end-to-end data visualization through a customizable dashboard with five specific value-adds for tracking shipping:
Third-party verification and certification.
Data collaboration with all parties involved in the shipping process.
Smart contract execution at various checkpoints.
Application interfaces that can integrate with existing systems.
Reseller services for customers seeking cheaper shipping rates.
VeChain offers a wide variety of features and options for users to incorporate into their operations. The platform offers IoT (internet of things) technology to track when and where shipping containers have been sourced and loaded as well as IoT sensors to scan shipments in bulk. Industry third parties, such as DNV, can be partnered with to ensure the correct goods are shipped, properly stowed, and secure while in transit.
The VET coin is staked by active Authority Masternode holders (AM). To In order to become an AM a person must own 25 million VET coins; there is currently over 72.5 billion VET in circulating supply.
XDC/VET Similarities
Provide broad visibility into track and trace systems for the supply chain management.
Eliminating middlemen from the complex shipping process and opening up visibility into the supply chain.
Incorporate low code deployment into existing systems.
The distributed ledger provides no single weak link in the supply chain where the companies involved are not dependent on the verification of data by a third party who could make a mistake, costing the companies millions of dollars.
Low gas fees for adding blocks, saving shipping costs, especially on the huge expense of using paper
XDC/VET Differences
In the shipping sector of the cryptocurrency market, VeChain ranks #1 XinFin ranks #4 by market cap.
VeChain uses more external features than XinFin such as IoT technology and third-party industry partners to certify and safeguard shipments.
XinFin powers one single platform, TradeFinex, whereas VeChain does not power one single platform but can integrate with various different shipping software platforms.
Blockchain for shipping
Maritime shipping is an ancient industry that is still the backbone of the global economy today. Trillions of dollars are loaded onto ships around the world every day and ensuring that the data relating to those goods is accurate is crucial.
The distributed ledger from companies like VeChain and XinFin is the perfect solution for ocean shipping because it opens up visibility to the buyer, the seller, and the shipping company, without needing to be dependent on third parties to ensure certain data is collected and recorded. In an industry that literally moves on data, visibility is currency.
