Singapore-based blockchain application platform VeChain has unveiled a new blockchain tracking system for the food and beverage industry.
In a blog post on Nov. 7, the company confirmed it was working with food certification group DNV GL and supply chain specialist ASI Group on the project, known as Foodgates.
VeChain "Direct beneficiary" of pro-blockchain stanceThe original announcement came at this year's China International Import Expo, being held from 5-10 Nov. in Shanghai.
"The immutability of public blockchain coupled with verifiable information makes this solution really unique," VeChain COO Kevin Feng commented.
VeChain revealed Foodgates had already been put to work, importing French beef to China for an event attended by French president Emmanuel Macron and China's Xi Jinping, who also spoke at CIIE.China given a blockchain go aheadAs Cointelegraph reported, China recently unleashed huge official support of blockchain technology, with Xi himself urging its use in a speech in late October.
The surprising development accompanied news that China could become the first country in the world to release its own central bank digital currency.
Following Xi's words, local media began warning citizens about the legal implications of criticizing blockchain or calling the technology a scam.
"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 blog post added.
Blockchain no magic bean for food industryBlockchain has made significant inroads into the food industry in recent years.
"The weakest link in the chain is not blockchain or any technology, the weakest link is the piece of sticky tape that puts the label on the package," PwC analyst explained in an interview on Thursday.
VeChain Unveils Food Tracing Solution Foodgates at China's Import Expo
Published on Nov 8, 2019
by Cointele | Published on Coinage
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