VeChain is teaming up with ASI alongwith their partner DNV GL. Thispartnership will enable a food tracking initiative known as FoodGates on theblockchain.

The VeChain Thor public blockchainpowers this solution. The announcementwas made at the China International Import Expo (CIIE) 2019. This is the first time when a publicblockchain will be used to track food throughout its supply chain.

MathieuBorgé, stated, "We know that traceability and authenticity are essentialwhen it comes to Food & Beverage products. Our blockchain-powered platformis aimed at bringing transparency and traceability to the French-Chinese B2Bmarket while enabling French producers to access the great Chinese marketfaster and safer."

The first step in the process is tomonitor the complete life cycle of beef production right from cow selection toslaughter through the processes of packing, shipping, and ultimately to therestaurant. Thus, the product lifecyclemanagement can be done for almost every type of food or food process.

The brand perception about VeChain is evolving to the nextstage. They are expanding to differentbusiness models in product life cycle management like the automobile, wine,food, clothing, agriculture, electronics, art, and fresh food. Thus, providing for guaranteed productinformation.

Retailers of products will be able to improve the confidencefactor in their customers concerning perishable goods by making use of ablockchain-based digital authentication solution. An independent third party will verify theprocess. The consumer confidence indexwill be calculated based on the appropriate mathematical model. This model is focused on providing a win-winresult among consumers and enterprises. Consumer-generated feedback is acrucial data which will be considered in the process.

There are several pain points in the industry. There are a lot of business challenges liketransparency issues, potential food safety problems, and low-level ofdigitalization. People are looking forpromises 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 inBinance. The exhaustion point for the VET has arrived after the 110 percentincrease that happened in the past week. Before the continuation of its bullish trend, VET might see apullback. From the technical perspective,VET has appeared very bullish.