VeChain Announces A Market Ready Blockchain Food Safety Solution Powered By VeChain ToolChain™
SHANGHAI, Aug. 12, 2020 /PRNewswire/ -- COVID-19 has accelerated the need for food companies to build more resilient and transparent supply chains to cope with the challenges from an ever evolving marketplace. It is now more urgent than ever to have the proper framework that would allow for effective collaboration among all stakeholders in the food supply chain. Blockchain technology, known as the "Trust Machine", is the best choice at hand.
As the world's leading enterprise-friendly public blockchain platform and company, VeChain officially launches its market ready, blockchain-enabled food safety solution based on its one-stop data Blockchain-as-a-Service (BaaS) platform VeChain ToolChain™.
The solution allows 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.
Blockchainizing The Food Sector In The "New Normal"
Concerns about food safety have been brought to the forefront following the coronavirus outbreak. Consumer behavior changes due to COVID-19 have brought higher demands for safe and traceable food products. According to an IBM study, 71% of consumers are willing to pay an additional average premium of 37% for companies offering full transparency and traceability.
Blockchain technology is well positioned to tackle the current problems as it provides Immutable Trustworthy Data. Immutable trustworthy data is the critical component to allow for transparency, accountability and most importantly trust among all participants within the supply chain from the raw supplier to the end consumer.
Some examples where this can be applied would be in the event of food recall requiring strict data points for compliance or the need for a company to easier manage multiple suppliers through tamper resistant data gathering.
In addition, a recent report by Cointelegraph Consulting took a closer look on the transformation that is taking place in the food industry by governments and stakeholders and how "Blockchain + IoT" solutions could significantly lower the cost for the global food industry:
VeChain ToolChain™ Enables Rapid Deployment Of Blockchain Technology For Enterprises
Although many businesses have been trying to implement blockchain technology into their current business, many barriers to entry hinder such implementation. For example, businesses are often forced to build their own blockchain applications from scratch and grapple with the complexities associated with the technology.
Most BaaS platforms and companies in the market provide only assistance for the companies of high level framework services (such as deployment of nodes). This massive barrier of entry hinders the adoption of blockchain in the food sector. With VeChain ToolChain™, ready-to-use blockchain applications can be deployed and implemented quickly to solve real business needs.
VeChain positions itself as the enabler to drive technology implementation that would bring tangible business value for enterprises. 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.
Value Proposition of VeChain ToolChain™ for Businesses
The VeChain ToolChain™ powered food safety solution is characterized by its high standardization, light cost and flexible payment in the market. Most importantly, VeChain ToolChainTM also offers customizable tools and whitelabel services, where consultant companies can obtain and implement the Food Safety Management Service for their own clients.
The main value proposition of VeChain ToolChain™ includes:
Value 1: Enable Enterprises To Introduce And Complete Blockchain Proof-of-concepts Efficiently.
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. Companies can quickly carry out concept verification at little to no lead time and experience the full potential of blockchain technology for their respective sub-sectors.
Value 2: Facilitate Large-scale Blockchainization In A Fast And Cost-effective Way.
Value 3: Enhance Brand Image And Consumer Confidence On Food Products.
Value 4: Unleash New Business Value By Data On Blockchain Platform
As the world's leading enterprise-friendly public blockchain company and platform, VeChain now has specialization in F&B traceability based on accumulated know-how and refined technology. Joining hands with its strategic partners, PwC and DNV GL, VeChain aims to expand the business globally to address business needs of more enterprises in the food industry.
For more information or business inquiries, please contact: email@example.com
VeChain is the pioneer of real-world business applications, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Beijing, Paris, America, Italy and San Francisco. With strong independent development capabilities, and the professional compliance guidance of our strategic partners, PwC (one of the world's top four accounting firms) and DNV GL (a leading global assessment and certification society), VeChain has established partnerships with many leading enterprises in various industries, including Walmart China, Bayer China, BMW, BYD Auto, PICC, H&M, ENN, Shanghai Gas, LVMH, D.I.G, ASI etc.
For more information, please visit the official website www.vechain.com
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