- VeChain will present with Avery Dennison Intelligent Labels new blockchain and IoT solutions for the corporate sector at the International Internet of Things Exhibition (IOTE) in Shenzhen.
- IOTE 2020 is the largest IoT exhibition in Asia and attracts more than 800 professionals and more than 130,000 trade visitors from various industries every year.
Currently, IOTE 2020 is taking place from 29 to 31 July 2020 in Shenzhen, China, and presents the most advanced business solutions in the field of blockchain and Internet of Things. The conference is one of the largest in the world in this sector and attracts more than 800 professionals and up to 130,000 trade visitors every year.
VeChain and Avery Dennison present blockchain showcase
VeChain, in cooperation with Avery Dennison Intelligent Labels, presents the latest blockchain and IoT solutions in a wide range of industries such as food, retail, automotive, pharmaceutical and logistics. The COVID19 pandemic in particular has changed the corporate landscape and consumer behavior significantly.
As a result, the demand for safe and traceable food on e-commerce platforms and the public awareness of sustainable health and high safety has increased. According to a study conducted by IBM, 71% of consumers are willing to pay a premium of up to 37% for companies that offer complete transparency and traceability.
The report indicates that more than 70% of all companies surveyed have serious “tracking gaps” between the systems of the initial supplier and the final customer in the food supply sector. Especially in today’s world, ensuring traceability should be a top priority.
According to a new report by Cointelegraph Consulting, blockchain and IoT solutions are estimated to save companies worldwide more than $100 billion in costs. Furthermore, the blockchain technology is expected to be implemented by up to 10% of all companies in the food industry in the area of traceability by 2023.
VeChain provides with the BaaS platform VeChain ToolChainTM a complete solution for companies, which provides all data from one source and can be quickly and securely integrated into the existing supply chain of all types of food manufacturers, suppliers and retailers. Recently, the challenges and implementation time have been reduced from several months to a few weeks, paving the way for mass adoption, according to VeChain CEO Sunny Lu.
Avery Dennison is one of the world’s largest suppliers of packaging solutions and pioneers IoT solutions that combine real products with digital identities. By implementing Avery Dennison’s smart label products and solutions with the VeChain ToolChainTM, companies can be offered transparent end-to-end digital lifecycle management from a single source.
VeChain and Avery Dennison want to push adaptation further
The bundling of these competences enables 100% tracking and monitoring along the food supply chain and thus contributes significantly to building confidence between consumers and brands. VeChain and Avery Dennison will offer complete solutions for companies:
VeChain, together with Avery Dennison Intelligent Labels will be committed to collaborating with partners to provide full value chain digital solutions from assessment, consulting, integration and implementation to optimization services, helping food enterprises of different development stages and sizes to easily commence their digital transformation.