The Asia Pacific Provenance Council has adopted the Chinese blockchain platform VeChain in a move to improve supply chain transparency between Australia and China.
According to the announcement, the government-supported body has pushed to integrate blockchain technology into the food supply chain system for Australia-China trades.
The APAC Provenance Council is an industry body supported by a number of big named companies, including Mastercard and Alipay, in addition to standards organizations and export agencies.
The decision to adopt VeChain as its sole blockchain provider has been accelerated due to the ongoing COVID-19 crisis.
The report added that the pandemic is posing a direct threat to food and beverage manufacturers and vendors around the globe.
It continued to state that the APAC Provenance Council aims to provide:
“comprehensive forensically verifiable, securely marked, and blockchain-enabled supply chain finance ecosystem in the food industry”
VeChain’s “ToolChain” will be implemented to enable faster payment for Australian food suppliers.
The entire process of product delivery will be recorded on the blockchain, including dispatch, vehicle information, logistics updates, carrier licenses, and the temperature during the process, it added.
VET token prices have reacted strongly today with a 6.5% increase as market capitalization tops AU$390 million.
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