Next ‘big deal’: VeChain provides blockchain solution for APAC region

  • VeChain will be the sole public protocol to be used by the APAC Provenance Council in an initiative to build a blockchain based solution for the food supply chain in the Australian-Chinese trade.
  • The VeChain Foundation has the task to implement its blockchain in various industries.

As CNF reported a few weeks ago, the VeChain Foundation will become part of the APAC Provenance Council, a consortium for the food supply chain and finance in the Asia-Pacific economic region. As the VeChain Foundation has disclosed in a new blog post yesterday, VeChainThor will be the only blockchain protocol of the consortium. The consortium aims to build a “highly efficient, cross-continental financial ecosystem in the food industry”, supported by the governments of the region, “export and industry bodies, standardization agencies, major packaging and labeling service providers and the world’s leading financial giants”.

The concrete goal is to build a blockchain-based solution for the food supply chain in the Australian-Chinese trade. Key founding members include Fresh Supply Co, Source Certain International and Laava, and associated members VeChain, FoodAgility CRC (Cooperative Research Centre), DNV GL – Business Assurance, Australian Made, GS1, blockchain Australia and several others.

By pooling the resources of all members, the consortium aims to create a comprehensive blockchain-based ecosystem for food industry supply chain finance, bridging traceable, secure and trustworthy trade transactions with shorter settlement times between Australian suppliers and Chinese importers.

VeChain is the sole public blockchain in the consortium

The initiative is also related to the “National blockchain Roadmap”, which the Australian government announced in February 2020. Under this roadmap, food suppliers in Australia will implement the VeChain ToolChain™. Using this, the entire process of product delivery will be unalterably recorded on the VeChainThor blockchain, making food products traceable. The information stored on the blockchain includes shipping data, vehicle information, logistical updates, carrier license and temperature during the delivery process.

Remarkably, VeChain will be the sole public blockchain protocol in the consortium responsible for implementing the technical solutions to make the VeChainThor blockchain work in various industries. Sunny Lu, CEO and co-founder of VeChain, emphasized that VeChain thereby repositions itself as a blockchain project that implements real-world use cases:

Guided by the mission of powering the real economy, VeChain positions itself to be an Enabler to empower our partners with blockchain technology to build up business applications for a variety of sectors. 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.

As the VeChain Foundation further emphasized, trade between China and Australia has enormous growth potential. The Australian Department of Agriculture predicts that China will account for 43% of global growth in demand for agricultural products by 2050. As Australian products have a strong reputation, Australian exporters could benefit greatly from China’s growing demand, ultimately benefiting VeChain as a blockchain-as-a-service company:

With the market evolving, the demand for business-ready standard tools will also see a dramatic growth, which positions VeChain ToolChain™ to seize the opportunity to support more enterprises to create more value.

With this new deal VeChain confirms its position as an established blockchain project in the Asian, especially Chinese, region. In early April, VeChain entered into a partnership with Chinese natural gas giant Shanghai Gas to establish an “Energy-as-a-Service” ecosystem. In December last year, the Chinese General Council of Anhui Tea Industry Association was welcomed as a partner. Within this agreement up to 670 Chinese companies from the chinese tea industry could use the VeChainThor blockchain.

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

Comments are closed.