VeChain Demonstrates Various Blockchain Solutions at Inaugural China International Import Expo

VeChain Demonstrates Various Solutions At The Inaugural China International Import Expo

VeChain received an invitation for the first China International Import Expo recently on November 5 to 10 in Shanghai. The CIIE opens up China to the world to prove that China supports liberalization in trade.

CIIE is a major policy push for China to promote the opening up of their economy. At the event, business people and officials from 172 nations and regions took part in a discussion about the solutions the Chinese market offers.

The Expo

This expo is coming at a time when China wants to move away from being the global workshop for everyone. The nation has the largest middle-income population around the world. These people now demand products of higher quality. At the expo, Xi said that Chinese imported goods and services would reach 40 trillion USD in 15 years.

At the event, there were 8 exhibition areas. The VeChain was also present to showcase their product. The CEO himself explained the cold chain logistics and My Chain solutions to the masses. These solutions were developed together with DNV GL. It will help to protect the quality of imported products and improve food safety.

According to recent estimates, Norway exported 2.6 million tons of seafood in 2017. In 2017, the nation exported 539,000 tons of seafood to Asia. This increase is driven by a growing middle-class in Asia. It is especially so in China, which consumes about 12% of all Norwegian salmon.

The Demonstration

DNV GL demonstrated their solution on November 7. It started as planned and Luca Crisciotti said that DNV GL had a commitment to sustainability. As part of the mission, they wanted to change how people behave in society. He said that in the past few years, they had taken advantage of the blockchain to accomplish their mission and better the environment.

The manager of DNV GL Business Sustainability Division demonstrated the model for reduction of carbon emissions. It would use smart contracts running on the VeChainThor network. Implementations of the digitized carob ecosystem were presented by the VeChain project manager.

This carbon ecosystem created by DNV GL and VeChain would be a platform open to all. Thus far, BYD has signed up to it. While redeeming carbon credits has been around for a while, the blockchain will introduce trust and transparency.

Bright Code

The Bright Code is a localized My Story; the Bright Food GM introduced it. The Bright Code uses VeChain tech to create a customer confidence index. The index is generated by a third party, which will collect data throughout the life of a product. It ensures safety and confidence for consumers, providers, partners, and clients of Bright Food.

During the event, Noah Huo, the VeChain CMO introduced demos, which made it possible for people to take part in the collection of carbon credits. This will be via actions that reduce emissions, which will be inside an open market. Users can then redeem the points at various participating partners. Behaviors, like driving electric cars and using public transport, will all be considered.

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