FoodGates from VeChain Will Do Food Tracking on the BlockchainNovember 8, 2019
VeChain is teaming up with ASI along with their partner DNV GL. This partnership will enable a food tracking initiative known as FoodGates on the blockchain.
The VeChain Thor public blockchain powers this solution. The announcement was made at the China International Import Expo (CIIE) 2019. This is the first time when a public blockchain will be used to track food throughout its supply chain.
Mathieu Borgé, stated, “We know that traceability and authenticity are essential when it comes to Food & Beverage products. Our blockchain-powered platform is aimed at bringing transparency and traceability to the French-Chinese B2B market while enabling French producers to access the great Chinese market faster and safer.”
The first step in the process is to monitor the complete life cycle of beef production right from cow selection to slaughter through the processes of packing, shipping, and ultimately to the restaurant. Thus, the product lifecycle management can be done for almost every type of food or food process.
The brand perception about VeChain is evolving to the next stage. They are expanding to different business models in product life cycle management like the automobile, wine, food, clothing, agriculture, electronics, art, and fresh food. Thus, providing for guaranteed product information.
Retailers of products will be able to improve the confidence factor in their customers concerning perishable goods by making use of a blockchain-based digital authentication solution. An independent third party will verify the process. The consumer confidence index will be calculated based on the appropriate mathematical model. This model is focused on providing a win-win result among consumers and enterprises. Consumer-generated feedback is a crucial data which will be considered in the process.
There are several pain points in the industry. There are a lot of business challenges like transparency issues, potential food safety problems, and low-level of digitalization. People are looking for promises about the information they get from sellers to gain trust. Brands are experiencing a trust gap. Trust issues can be sorted using technology.
VeChain has begun trading on Binance.US, and the many China Cryptocurrencies are establishing themselves truly well. The Chinese regulators officially approve the crypto ventures of VeChain.
The price of the VeChain went up by 10% after it was listed in Binance. The exhaustion point for the VET has arrived after the 110 percent increase that happened in the past week. Before the continuation of its bullish trend, VET might see a pullback. From the technical perspective, VET has appeared very bullish.