Saturday, June 10, 2023

APAC’s Board Selects VeChain


The APAC Provenance Council was established with the administration’s support, outsource and sector bodies, standards organizations, extensive handling and packaging service providers, leading global financial services giants, and blockchain technology suppliers.

Affiliate members include VeChain, FoodAgility CRC, DNV GL – Business Assurance, Australian Made, Blockchain Australia, etc. This is to integrate blockchain technology into food system finance Australia-China trades.

Post-COVID Food Roadmap

As part of the government’s strategy, the Australian Government published The National Blockchain Roadmap in February 2020. The roadmap addresses challenges and possibilities across various industries, including Agritech & Food.

The ongoing COVID-19 impact increases the urgency of this project for food and beverage makers and suppliers worldwide. The pandemic increases the challenges of increasing profitability, preserving cash flow, and creating value. Providers, particularly in cross-continental trade, require urgent invoice finance to unlock overdue debts and encourage business growth.

However, public knowledge of food safety is unparalleled. An InTarget Shanghai survey found that Chinese customers are more health-conscious than before. They are putting food safety first when dining out or ordering takeout.

APAC Revitalizes

The APAC Provenance Council will pool resources from all existing and future members to create a comprehensive, forensically verified, securely tagged, and blockchain-enabled supply chain management ecosystem in the food businesses.

According to FSC CEO and APAC Provenance Council Executive Chairman David Inderias, several solution providers offer ‘track and trace’ services. However, they do not fully address industry needs, making developing and implementing projects challenging. We are growing post-COVID by providing economic value, meeting industry needs, and including funding sources.

Powered by AliPay in Australia, food providers will get a milestone-based portion of the entire fiat payment upfront.

The adoption of VeChain ToolChain in Australia consequently allows food providers to receive speedier payments. The VeChain ToolChain blockchain tracks the delivery of food products, specifically dispatching, vehicle details, logistical updates, carrier license, and temperature tracking. VeChain’s blockchain technology ensures secure freight transfer and reduces supplier invoicing time.

VeChain: Consortium’s Public Protocol

VeChain, the consortium’s single public blockchain protocol, commits to helping its partners and clients use blockchain technology to tackle trust issues that arise from multiparty collaborations. VeChain’s blockchain technology ensures an efficient, safe, and secure food supply chain.

This collaboration’s success depends on FoodGates, the first cross-border logistics, and commerce solution for the French-Chinese food & beverage business.

VeChain CEO and co-founder Sunny Lu stated that VeChain presents itself as an Enabler to equip our affiliates with blockchain infrastructure to develop enterprise applications for many sectors. It will reduce immediate economic impacts while enhancing productivity by unleashing resources and growth opportunities.

According to the Australian Department of Agriculture, China will account for 43% of world agricultural demand increase by 2050. Because Australian products are clean, safe, and elevated, Australian exporters can benefit from China’s increasing demand for quality products and need for food security.

Thus, Australia’s share of Chinese exports hit a record 38 percent ($117 billion) in 2019 and will rise. The food sector has undeniable potential for the council’s growth. Indeed, as the market evolves, the need for business-ready standard tools will allow VeChain ToolChainTM to help more businesses create value.

Rainy Naidoo
Rainy Naidoo
Rainy Naidoo is a writer for Cryptoconstellation. She has her Degree in Journalism and communications. Rainy Likes to spend her free time reading and exploring new places.

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