VeChain Picked To Spearhead The Use Of Blockchain Solutions Asia Pacific Provenance Council
A freshly formed consortium known as Asia Pacific Provenance Council is banking on blockchain to enhance efficiency in supply chains that exports Australian agricultural surplus estimated to be worth about $76 billion to China each year.
The consortium has partnered with VeChain public blockchain which will enable solo shipments containing agricultural produce such as avocados which will be tracked from their Australian picking point of pick up to their arrival in China for consumers to buy them. The partnership will enable each member of the supply chain to easily confirm the products that have been shipped, their location as well as their storage conditions such as temperature, humidity and other components.
VeChain will also offer Australian companies such as Fresh Supply Co (FSC) fresh product tracking capabilities like exporters as well as logistics operators to record how different agricultural lots are moving via supply chains, international shipment service providers as well as customs.
David Inderias, Fresh Supply Co CEO stated that the technology will be helpful in improving trust among those involved. He explained:
“…being able to say that our products are safe, and that we have tracked them, is going to be table stakes for dealing with China.”
The current COVID-19 pandemic and its effects all over the world, necessitated the urgency of the partnership, VeChain stated. The firm explained that the pandemic is a threat to producers of food and manufacturers as well as vendors all over the world.
VeChain explained that it seeks to become an enabler empowering its partners with blockchain technology to help in development of apps for different sectors of the economy.
In a statement shared with Bitcoin Exchange Guide, VeChain CEO Sunny Lu explained how the platform will help in the current COVID-19 crisis. He said:
“The implementation of blockchain technology certainly contributes to buffering the immediate economic impacts of the pandemic for the enterprises, and will help improve productivity by unleashing more resources and growth opportunities.”
In the recent past, public awareness when it comes to food safety has gone up and blockchain technology will help in keeping with the track.