VeChain, a Singaporean-based blockchain application platform, has unveiled for the food and beverage industry, a new blockchain tracking system. This announcement came on the 7th Of November.
The company confirmed that it was in collaboration with a food certification group DNV GL as well as a supply chain specialist ASI Group on the project. The project itself is called Foodgates.
The original announcement was made at China International Import Expo (CIIE), which was held between the 5-10 of November this year in Shanghai. The COO of VeChain, Kevin Feng, was reported to have said that the immutability of the public blockchain, as well as its verifiable information, makes this solution very unique.
Foodgates has been reported to have been put to the test, importing French beef to China for an occasion graced by Emmanuel Macron, the French President, as well as his Chinese counterpart, Xi Jinping, who made a speech as well at the CIIE event.
China has recently rolled out a huge official backing and support for blockchain technology, according to reports. The report also stated that President Xi gave the go-ahead for its use in a speech he gave in October. This bewildering announcement followed the news that China could be become the first country on the globe to introduce its own Central Bank Digital Currency (CBDC).
Local media began warning Chinese citizens about the legal implications of questioning the legality and authenticity of blockchain following Presently Xi’s announcement. They were also adjoined not to label blockchain technology a scam or criticize the technology in any way or manner.
VeChain, who is a global blockchain technology platform provider with important resources in China and some European countries, will benefit directly from this huge shift by China, who, by the way, is the world’s largest economy after the United States.
In recent years, blockchain technology has made giant strides into the food industry. This has led businesses to devote energy to tracking and monitoring everything, from coffee to lettuce.
The argument has been that the immutable ledgers help to save time as well as provide much-needed security to the supply chain. Businesses have benefited immensely from the transparency that blockchain brings.
Experts in this new system have identified shortcomings and deficiencies. An expert who granted an interview recently opined that the Achilles hill in the chain is not blockchain technology or any other technology, but the weakest link in this new system is the piece of tape that puts the label on the package.
The announcement by VeChain that it was unveiling a food tracing solution which they called Foodgates at China’s import expo saw immediate rewards and benefits for investors in its native NET token. This token witnessed a significant rise to around 40 percent this week after it has experienced an initial dip.
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