VeChain Announces A Market Ready Blockchain Food Safety Solution Powered By VeChain ToolChain

SHANGHAI, Aug. 13, 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:

• IoT & blockchain platforms can increase trust, transparency and coordination throughout the food supply chain, resulting in $155 billion per year in potential savings.
• A better traceability will boost the international food trade by over $100 million per year.
• IoT & blockchain solutions can create up to $47 billion per year in revenue enhancement.

In short, together with the deployment of IoT devices to collect the data, blockchain technology can streamline business processes and enable companies to stand out in a crowded market while setting common standards that will shape the supply chains of the future.