VeChain Starts Providing Blockchain Solutions For APAC Region

VeChain starts providing blockchain solutions as a public protocol for the APAC Provenance Council while trying to create a blockchain-based solution for the food supply chain in the Australian-Chinese trade. In today’s VeChain VET news, we see that the foundation has the task to start implementing the solution in multiple industries.

Following the blockchain news today, the VeChain Foundation will now be a member of the APAC Provenance Council which is a consortium for the food supply chain in the Asia-Pacific region. The Foundation has already made the announcement yesterday saying that VeChain Thor will be the only blockchain protocol of the consortium. The consortium wants to create an efficient cross-continental financial system in the food industry which is supported by the governments of the region but to also export and industry bodies, major packaging and labeling service providers, and the standardization agencies.

The goal is to create a blockchain-based solution for the Australian-Chinese trade and food supply chain. The members include Source Certain International and Laava, Vechain, FoodAgiligy CRC, Fresh Supply Co, Business Assurance, Australian Made, DNV GL, GS1, Blockchain Australia, and a few others. By gathering resources of all of the members, the consortium aims to create an improved blockchain-based ecosystem for the food industry supply chain finance, by making the entire process more trustworthy, secure, and shorten the times for the settlements between Chinese importers and Australian suppliers.

The @ApacCouncil is established to facilitate the Australia-China food trades by deploying #blockchain technology. As the sole public blockchain protocol in the consortium, #VeChain is enabling its partners & clients with VeChain ToolChain.https://t.co/UR6hpaWLsg

— VeChain Foundation (@vechainofficial) May 6, 2020

In the blockchain latest news, we see that the Vechain starts providing new solutions so the food suppliers can also implement the Vechain ToolChain solution. With this solution, the entire process of product delivery will be recorded on the Thor blockchain which will make food products traceable. The information stored on the blockchain includes vehicle information, logistical updates, licenses, and shipping data.

Vechain will be the main public protocol in the consortium that will be responsible for implementing the technical solutions to make the Thor blockchain useful in multiple industries. The CEO of Vechain Sunny Lu noted:

‘’Guided by the mission of powering the real economy, VeChain positions itself to be an Enabler to empower our partners with blockchain technology to build up business applications for a variety of sectors. The implementation of blockchain technology certainly contributes to buffering the immediate economic impacts of the pandemic for the enterprises, and will help improve productivity by unleashing more resources and growth opportunities.’’