VeChain Becomes The Sole Public Blockchain Protocol Of The APAC Provenance Council - A Cross-continental Food Supply Chain & Finance Consortium
PR83952
SHANGHAI, May 8, 2020 /PRNewswire=KYODO JBN/ --
The APAC Provenance Council supported by government, export and industry
bodies, standards agencies, packaging and labelling service providers, finance
giants and blockchain technology providers, is established to integrate
blockchain technology into the food supply chain finance in Australia-China
trades. Currently, the core founding members include Fresh Supply Co, Source
Certain International, and Laava, joined by affiliate members VeChain,
FoodAgility CRC (Cooperative Research Centre), DNV GL Business Assurance,
Australian Made, GS1, Blockchain Australia and several others.
Logo - https://mma.prnewswire.com/media/738221/VeChain_Logo.jpg
The New Roadmap To a Post-COVID Food Industry
In February 2020, the Australian Government published The National Blockchain
Roadmap (
), proactively addressing opportunities in the Agritech & Food industry, which
directly accelerates the establishment of the Council.
The impact from COVID-19 further lifts the urgency of pushing forward this
initiative. On one hand, the pandemic is posing a direct threat to food &
beverage vendors around the globe, particularly in cross-continental trading,
the suppliers are heavily impacting their cash flows, which calls for immediate
invoice finance to quickly unlock unpaid invoices and stimulate business
growth. On the other hand, the public awareness of food safety is
unprecedentedly high. According to a study of InTarget Shanghai (
), Chinese consumers have become more health and safety-conscious and this will
continue to be reflected in future.
Blockchain-enabled APAC Provenance Council To Stimulate The Market
By combining resources from all members, the Council aims to provide a
comprehensive blockchain-enabled food supply chain finance ecosystem, bridging
traceable, safe and trusted trades with shorter billing terms between
Australian suppliers and Chinese importers.
David Inderias, APAC Provenance Council Executive Chairman says, "Many solution
providers have offered 'track and trace' services, but haven't addressed
industry needs in a comprehensive way. In a post-COVID world when many
commercial entities are in decline, we are growing by making sure to deliver
real economic value, meeting industry needs, as well as including funding
sources for industry."
Powered by AliPay in Australia, all the B2B payments for China-destined trades
from Australian food suppliers will receive milestone-based payments of the
total fiat payment upfront upon meeting the first milestone of their delivery
terms. For food suppliers in Australia, when they export food products traced
by VeChain ToolChain(TM), the entire process of product delivery will be
recorded, including logistics information, temperature during the process and
so forth. Acting as the "trust machine" in multiparty collaboration, blockchain
provides immutable and authentic records, which not only ensures the secured
process of logistics transfer, bringing transparency and trust into the
cross-continental trade, but also helps shorten the billing period for
suppliers.
VeChain To Be The Sole Public Blockchain Protocol In The Consortium
VeChain is dedicated to enabling its partners to implement blockchain
technology in various industries to solve real problems. The proven cases such
as FoodGates (
), pave the way for making the supply chain finance more effective at an
all-new level.
Sunny Lu, CEO at VeChain, stressed that, "Guided by the mission of powering the
real economy, VeChain positions itself to be an Enabler to empower our partners
with blockchain to build business applications in various sectors. The
implementation of blockchain 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."
The Australian Department of Agriculture (
) predicts China will account for 43% of global growth in demand for
agricultural products by 2050. Since the Australian products have an enviable
reputation for being high-quality, Australian exporters can strongly take
advantage of China's growing demand for quality produce and its need for food
security. With the market evolving, the demand for business-ready standard
blockchain tools will also see a dramatic growth, which positions VeChain
ToolChain(TM) to seize the opportunity to support more enterprises and create
more value.
About APAC Provenance Council
The Asia Pacific Provenance Council is an industry alliance which helps
exporters digitally enable and scientifically prove the provenance,
traceability and authenticity of their products, and tell the stories behind
their brands. The Council will soon be taking expressions of interest for
multiple food production verticals in Food Agility backed pilots, corporates
and industry bodies are urged to.
About VeChain
Launched in 2015, VeChain connects blockchain technology to the real world by
providing a comprehensive governance structure, a robust economic model, and
IoT integration. VeChain is the pioneer of real-world applications using public
blockchain technology, with international operations in Singapore, Luxembourg,
Tokyo, Shanghai, Paris, Hong Kong, and San Francisco. Together with our
strategic partners PwC and DNV GL, we have established cooperative relations
with many leading enterprises in different industries, including Walmart China,
BMW, BYD Auto, H&M, LVMH, D.I.G, AWS, PICC, ASI etc.
Official website www.vechain.com
SOURCE: VeChain
CONTACT: info@apacprovenance.org, press@vechain.com
本プレスリリースは発表元が入力した原稿をそのまま掲載しております。また、プレスリリースへのお問い合わせは発表元に直接お願いいたします。
このプレスリリースには、報道機関向けの情報があります。
プレス会員登録を行うと、広報担当者の連絡先や、イベント・記者会見の情報など、報道機関だけに公開する情報が閲覧できるようになります。
