- A new report predicts that blockchain technology will trace $300 billion worth of products in the food market by 2027.
- VeChain provides an enterprise solution for the traceability of food and food products and thus supports the adaptation of the vlockchain.
- The VeChain price has exploded and increased by more than 30% in the last 24 hours.
A new report in cooperation between Cointelegraph and VeChain describes that using blockchain technology and the Internet of Things can save more than $100 billion in traceability costs in the food industry. Tracking along the value chain is extremely important, as financial losses due to counterfeit products amount to $323 billion every year.
The collected data describes that by 2027 the blockchain will be able to trace food products worth more than $300 billion. In the fishing industry in particular, forecasts assume that 25 to 70% of wild salmon and Atlantic cod will be replaced by lower quality fish, resulting in billions of dollars worth of damage.
Both consumers and companies suffer not only financial damage, but also the image of many companies can be permanently damaged. The Blockchain technology can effectively help to promote transparency for all actors involved and to store data from the value chain on the blockchain in a tamper-proof and easily retrievable way.
IBM is the industry leader in traceability, but more and more companies are entering the market with solutions, including VeChain. Sunny Lu, CEO of VeChain, describes that the blockchain will make the entire business model more transparent and fairer:
From our experience in international food trades and large-scale traceability platforms, the introduction of blockchain technology to the food value chain applies a long-term benefits scheme into the entire business model.
VeChains partnerships in the food industry
VeChain has entered into a cooperation with Walmart China to track certain segments of food products using VeChainThor blockchain. Relevant information such as the place of production, stations along the value chain and verification of originality are stored on the blockchain. By reading a QR code on the packaging of the products, the information can be viewed by the buyer in the supermarket.
Furthermore, VeChain’s technology for the sustainable management of the oceans will be piloted in Norway. The traceability solution My Story™, developed in cooperation with DNV GL, will be used, which stores all important data and makes it available to other players. VeChain has been working closely with the group since last year.
A further use case is the provision of an interface for tracking high-quality French beef for Chinese buyers. At the end of last year VeChain entered into a cooperation with DNV GL and the ASI Group to trace the company’s main meat products. Even the French President Emmanuel Marcon was present at the presentation of the technology.
VeChain course explodes
Due to continued expansion and the news yesterday that VeChain will be the keynote speaker at the world’s largest artificial intelligence conference in Shanghai, the VET price has risen more than 30% in the last 24 hours to a price of $0.0143.