VeChain, Mastercard And Alipay Join New Asian Supply Chain Pilot

The crypto news today show that VeChain, Mastercard and Alipay have recently joined a new Asian supply chain pilot and secured millions in funding for their unique tracking and financing features throughout the Asia Pacific region.

We are talking about the APAC Provenance Council, which is already well established as a consortium which will provide comprehensive solutions for authenticating and tracking food, wine and produce using blockchain.

As you probably know from our VeChain news, the cryptocurrency is already well established in the blockchain space and will help this consortium for authenticating and tracking food with a focus on the $76 billion of exports from Australia to China.

While trade financing will be courtesy of Mastercard in China, Alipay Australia will focus on goods headed to China.
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Products can be tracked using VeChain as the public blockchain or Mastercard Provenance as the permissioned ledger.

VeChain, Mastercard and Alipay will now work as part of the supply chain tracking program. As you know if you read the recent news in Australia, the National Blockchain Roadmap of he country and Australia’s share in the value of exports to China reached a record 38% in 2019 which is more than any other country.

The economic lockdown is negatively affecting company cash flows. Now, one unique selling point will be to enable “milestone” payments to various parties as shipments move along the supply chain. VeChain’s CEO, Sunny Lu, recently noted that this new ecosystem would be enormously beneficial.

“The implementation of blockchain technology certainly contributes to buffering the immediate economic impacts of the pandemic for enterprises, and will help improve productivity by unleashing more resources and growth opportunities,” he said.

Aside from blockchain and finance companies like VeChain, Mastercard and AliPay, the consortium also includes food industry bodies, standards agencies, packaging and labelling service providers.

Meanwhile, the price of VeChain in the news today is at $0.004, with a 5.52% increase on the day and a solid momentum. The VET cryptocurrency is moving ahead well and is on track to reach $0.005 soon. As more investors are flocking in the crypto markets lately, we can see this coin increasing and possibly entering the top 30 list.