VeChain, a blockchain solution provider announced its new tracking system for the food and beverage industry called Foodgates. The firm has collaborated with food certification agency DNV GL and one of the top supply chain firm ASI Group to help them make the Foodgates one of the most reliable food tracking system.
The announcement came during the ongoing China International Import Expo (CIIE) in Shanghai. CIEE has been going on from November 5 and scheduled to commence on 10th November.
Kevin Feng, Chief Operating Officer at VeChain said,
“The immutability of public blockchain coupled with verifiable information makes this solution really unique,”
VeChain also revealed that they have put the system up for test before the announcement at CIEE, where Foodgates was used for tracking the import of French beer to China for an event attended by French President Emmanuel Macron along with Chinese President Xi Jinping who also attended the CIEE.
Ever since Xi Jinping called for accelerated adoption of Blockchain in China to become a market leader in the emerging tech, many new crypto and blockchain service providers are eyeing the huge Chinese market. There have been several rumors that China might even look to nationalize Bitcoin mining and trading in the coming years.
Thus, every startup and company is looking to take a piece from the large pie on offer.
VeChain being one of the notable blockchain solutions providers would be looking to bank on it as well as they stated,
“VeChain, being a global blockchain technology platform provider with significant resources in China and Europe will be a direct beneficiary of this bullish shift by the second largest economy in the world,”
The announcement of Foodgates also helped VeChain's token price to see a significant boom with a rise of 40% in its price last week.