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VeChain launches blockchain solution for food safety

  • VeChain Foundation announces launch of blockchain solution for food security powered by VeChain ToolChain.
  • The solution will be used in the food supply chain to mitigate its most important problems.

The VeChain Foundation launched a market-ready blockchain solution to improve food safety. The solution is a platform designed as a Blockchain-as-a-Service (BaaS) where all the information of a food supply chain is available. Based on the VeChain ToolChain platform, the solution will:

(…) allow blockchain technology to be deployed in the food sector with the fastest lead time compared with any other platform in the industry. The VeChain ToolChain™ powered Food Safety Solution integrates VeChain’s industry-leading technology and experience with business-ready technical features, solving the most urgent needs for the food industry in this new era.

VeChain applies blockchain for post coronavirus solutions

According to the VeChain Foundation publication, the company aims to provide a platform on which solutions can be built that strengthen the food supply chain. Considering it a disruptive factor that will drive a “New Normal”, VeChain has set out to launch a tool for the post-coronavirus world (Covid-19). A blockchain solution for the benefit of the consumer that has changed because of the pandemic.

Data from IMB’s Institute for Business Value indicates that 71% of post-Covid-19 consumers are willing to pay up to 37% premiums to companies that offer “full transparency and traceability”. In this way, blockchain technology provides the tools to address the issues created by the pandemic and give consumers security and confidence. The critical component, says the VeChain Foundation, is the reliable and unchangeable information stored in the VeChainThor blockchain.

The application of a solution like the one offered by VeChain has a direct positive impact on companies. It is estimated that profits of up to $155 billion per year will be made by increasing trust, transparency and coordination between participants in the food supply chain. In addition, the international food industry could receive a boost of up to $100 million per year and solutions like VeChain’s can generate up to $47 billion in revenue.

The VeChain Foundation recognizes that there are barriers to greater adoption of blockchain technology. For example, the complexity of the technology and the lack of a platform that offers service beyond support. The VeChain solution has the potential to change this. Its solution offers blockchain applications ready to be deployed and used to solve real problems:

By using built-in, ready-to-use templates modelled after countless already deployed solutions by enterprise clients, every food enterprise can achieve full lifecycle traceability for their supply chains, covering from farm to retail and the customer’s hand. Traceability can start from cultivation, processing, packaging, logistics, to retail and more.

According to the VeChain Foundation, their solution has 3 characteristics that separate it from its competition: high standardization, light costs and flexible payments in the market. In addition, VeChain’s tools allow its users to have solution molds with verified effectiveness in traceability, cross-border traceability, full process traceability, among others:

The solution covers a wide variety of use cases and sub-sectors in the F&B industry, including fresh food, dairy products, alcohol and wine, imported food, FMCG for supermarkets and retail, and more.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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