- The VeChain Foundation has entered into a new partnership with the Chinese General Council of Anhui Tea Industry Association.
- As part of the agreement, up to 670 Chinese companies from the tea industry could use the VeChain Thor blockchain.
After the VeChain Foundation had to struggle with bad publicity in the past few days as a result of a self-inflicted 1.1 billion VET token hack, positive headlines have now returned. According to a recent blog post, the VeChain Foundation has entered into a partnership with the General Council of Anhui Tea Industry Association.
The partnership was signed during a poverty reduction forum in Yuexi County, China. It aims to promote the growth of the tea industry in the Chinese province through the use of VeChain Thor blockchain technology.
VeChain meets China’s “requirements” for a blockchain
As the VeChain Foundation points out in its blog post, the new partnership with the General Council of Anhui Tea Industry Association will contribute to adding value through the use of blockchain technology. Hereby the VeChain Thor blockchain is fulfilling the goals declared by China’s president, Xi Jinping in October 2019, in a speech on the use of blockchain, which highlighted the value added:
The cooperation between VeChain and the Anhui Tea Industry Association is in line with the government’s goal to increase the competitiveness of all stakeholders in the industry through blockchain technology. With VeChain technology, tea producers and stakeholders can benefit from greater efficiency and productivity at all stages of the supply chain and traceability, which will strengthen the national and international presence of the Chinese tea industry.
At the Forum, the VeChain Foundation showcased several applications of the VeChainThor blockchain to promote the tea industry in China to participants, including government officials and industry experts. As a result, the Anhui Tea Industry Association General Council approved the partnership with VeChain.
The partnership was signed directly with the Anhui Tea Industry Association, which was established to bring together large and small companies in the tea industry. Accordingly, this entails that VeChainThor blockchain has potentially gained up to 670 new companies and 194 business owners as users of VeChain Thor blockchain.
The Yuexi district is one of the leading economic tea producing regions in China. With an annual production value of around one billion US dollars and 5,910 tonnes of tea, the region is one of the country’s largest producers. The report also describes that the tea industry in the region could continue to grow strongly and reach a gross value of 7.1 billion dollars by 2020.
The integration of VeChain Thor blockchain is expected to enable tea producers and stakeholders to benefit from greater efficiency and productivity at all stages of the supply chain. The solution is also designed to support traceability and improve the national and international presence of the Chinese tea industry.
VeChain price follows the market sentiment
In line with the current downward trend on the crypto market and as a result of the wallet hack, the VeChain price has recorded a loss of around 25 percent over the last seven days.