- Producers Market will use the VeChain ToolChain to optimize the value chain for farmers in Latin America and the Caribbean.
- The collaboration will use VeChain’s blockchain technology in conjunction with the StoryBird application.
Producers Market, a company operating in the United States, has partnered with VeChain to use its technology to support the agricultural sector. According to a publication on Medium, the collaboration will aim to track farmers’ products to improve their export competitiveness on the global market. With a view to a more comprehensive introduction in the future, cooperation will initially focus on supporting farmers in Latin America and the Caribbean. According to the publication, farmers in this region are particularly badly affected by the coronavirus pandemic.
The agricultural sector in Latin America and the Caribbean (LAC) accounts for 23% of agricultural and fishing commodities exports worldwide, according to a study by the Organization for Economic Cooperation and Development (OECD) and the Food and Agriculture Organization of the United Nations (FAO). By 2028, these organizations expect the LAC region to account for 25% of agricultural and fishery exports. Therefore, it is an extremely important region for maintaining the global food supply chain.
Integration of VeChain to improve the food trade
One of the objectives of the cooperation is the use of VeChain’s blockchain technology to reduce the gap that has widened due to the current emergency situation between producer and consumer. Therefore, the VeChainThor blockchain will be integrated into the value chain to “empower” farmers. Through the transparency application “StoryBird”, farmers will be able to establish a direct link to markets and consumers.
The application will be driven by the VeChain ToolChain and will allow all actors in the food trade to validate the origin of the products and have access to traceability tools for deliveries. In addition to increasing transparency in the supply chain, StoryBird will allow producers, processors, packers and other actors to “publicly list organization and product profiles for access to global markets”.
Thus, the application will enable socially responsible buyers to join in. StoryBird will also be an important addition to improve the way farmers advertise. The application allows its users to upload photos and other visual media so that consumers of a product can capture its history and origin.
VeChain co-founder Sunny Lu commented the cooperation as follows:
Positioned as the enabler for our partners, VeChain aims to provide a standardized tool for the enterprises to build and integrate blockchain technology into their business easily. Whether targeted to large organizations or small companies, or even individual business owners, VeChain ToolChain helps you realize your exact vision and scale your business with a reasonable cost.
As reported by CNF, VeChain has been an important blockchain centered enterprise in mitigating the effect of Covid-19. The VeChain Foundation developed an application, known as HCert, that provides an archiving solution for Covid-19 pandemic data records RT-PCR (real-time polymerase chain reaction) and antibody tests (rapid test). The application will use the VeChainThor blockchain to combat the pandemic coronavirus. VeChain also joined forces with pharmaceutical giant Bayer to develop a blockchain-based platform called Csecure. The platform will be used to improve drug delivery management in clinical trials.