VeChain: Foodgates connects France with economic giant China

  • Foodgates, a global logistics and retail solution on the VeChainThor blockchain, has officially launched.
  • The software creates an interface between French producers and Chinese buyers.

As Crypto News Flash has already reported, VeChain partnered with the ASI Group at China International Import Expo (CIEE) 2019 last year to launch a global logistics and trade solution on the VeChainThor blockchain called Foodgates. The aim of the new platform is to monitor the origin of products along the value chain from the first step of production, such as cow selection, to meat packaging and shipping.

At the beginning of Foodgates mainly high quality beef products will be tracked, but other products from the food and beverage industry will follow. According to the official press release the first 10 officially tracked products will include beef and high-quality milk for children. The goods originate from France and are exported to China, thus linking the market participants from both countries.

All products are tracked on the VeChainThor blockchain in real time and stored unalterable. By scanning a QR code, which is present on the packaging of the products, Chinese buyers can read out all important information such as production location, date or weight and validate the authenticity of the products.

More than 12 global companies from France have already joined the platform, and many more are in the pipeline, according to the announcement. China is France’s seventh largest trading partner and last year imported goods worth more than $30 billion. The bilateral trade volume reached a record high of $100 billion in 2019. Furthermore, Chinese interest in high quality goods from France has increased by more than 24.5% to a volume of more than $100 billion compared to the previous year.

With this in mind, Dov Chreky, CEO of the ASI Group and co-founder of Foodgates, said that current economic developments around the world require new innovations such as Foodgates to fully satisfy the needs of all stakeholders involved in the process:

The events of the last twelve months have definitely acclerated the revolution in international trade and this proved Foodgates is on the right track. The global pandemic, closed borders and the infesability of buyers to physically meet producers are all elements that underline need to invent a new model.

Zhang Wei, Chief Executive Officer of the French company “Les Maîtres laitiers du Cotentin” and partner of Foodgates, stated that the blockchain will monitor all steps of milk production in a fraud-proof way:

Thanks to the Foodgates blockchain ecosystem, we can follow all the stages of milk production, from processing in finished products, from storage and transport from France to China until it is made available to the conusmers, by simply scanning the QR code printed on the carton.

VeChain cooperates with Chinese government

Just two days ago it was announced that VeChain has entered into a partnership with the Chinese local government of Hubei to develop a public health platform. As the VeChain Foundation states, this will contribute significantly to stimulate the economy after the pandemic.

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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