PR85111

SHANGHAI, Aug. 13, 2020 /PRNewswire=KYODO JBN/ --

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.

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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(TM).

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(TM) 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

(https://c212.net/c/link/?t=0&l=en&o=2884311-1&h=2927872560&u=https%3A%2F%2Fwww.ibm.com%2Fdownloads%2Fcas%2FEXK4XKX8&a=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

(https://c212.net/c/link/?t=0&l=en&o=2884311-1&h=253263926&u=https%3A%2F%2Fcointelegraph.com%2Fconsulting%2Fvechain%2Fwhen-blockchain-meets-iot-ensuring-food-safety-in-the-2020s&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.

VeChain ToolChain(TM) Enables Rapid Deployment Of Blockchain Technology For

Enterprises

Although many businesses have been trying to implement blockchain technology

into their current business, many barriers to entry hinder such implementation.

For example, businesses are often forced to build their own blockchain applications

from scratch and grapple with the complexities associated with the technology.

Most BaaS platforms and companies in the market provide only assistance for the

companies of high level framework services (such as deployment of nodes). This

massive barrier of entry hinders the adoption of blockchain in the food sector.

With VeChain ToolChain(TM), ready-to-use blockchain applications can be

deployed and implemented quickly to solve real business needs.

VeChain positions itself as the enabler to drive technology implementation that

would bring tangible business value for enterprises. By using built-in,

ready-to-use templates modelled after countless already deployed solutions by

enterprise clients, every food enterprise can achieve full lifecycle

traceability for their supply chains, covering from farm to retail and the

customer's hand. Traceability can start from cultivation, processing,

packaging, logistics, to retail and more.

Value Proposition of VeChain ToolChain(TM) for Businesses

The VeChain ToolChain(TM) powered food safety solution is characterized by its

high standardization, light cost and flexible payment in the market. Most

importantly, VeChain ToolChain(TM) also offers customizable tools and

whitelabel services, where consultant companies can obtain and implement the

Food Safety Management Service for their own clients.

The main value proposition of VeChain ToolChain(TM) includes:

Value 1: Enable Enterprises To Introduce And Complete Blockchain

Proof-of-concepts Efficiently.

The blockchain-enabled food safety solution powered by VeChain ToolChain(TM)

can provide food industry enterprises with various traceability templates that

have been effectively verified, including origin traceability, cross-border

traceability, full-process traceability, and more.

The solution covers a wide variety of use cases and sub-sectors in the F&B

industry, including fresh food, dairy products, alcohol and wine, imported

food, FMCG for supermarkets and retail, and more. Companies can quickly carry

out concept verification at little to no lead time and experience the full

potential of blockchain technology for their respective sub-sectors.

Value 2: Facilitate Large-scale Blockchainization In A Fast And Cost-effective Way.

VeChain ToolChain(TM) provides easy-to-use customizable tools. Food companies

can build their exclusive business process easily as "drag and drop", which

greatly saves the development investment, shortens the project lead time and

achieves scalability.

Value 3: Enhance Brand Image And Consumer Confidence On Food Products.

The blockchain-enabled food safety solution powered by VeChain ToolChain(TM)

can improve communication and boost customer satisfaction. Retailers can choose

to engage customers by providing access to related product and marketing

information stored on the blockchain. This provides increased visibility into

product origin, producer, quality, and the like, which in turn can build

customer loyalty and contributes to a stronger business-customer relationship.

Value 4: Unleash New Business Value By Data On Blockchain Platform

The blockchain-enabled food safety solution powered by VeChain ToolChain(TM)  

can help food companies exploit value via data generated by their own business.

The immutable data on the blockchain enables companies to increase the

efficiency of compliance review, government supervision, logistics and supplier

evaluation and more. Companies will also gain access to world leading

third-party services through the VeChain global partner network, including DNV

GL, PwC and Deloitte, and more, greatly reducing the cost of certification,

audit, insurance or supply chain financial services.

As the world's leading enterprise-friendly public blockchain company and

platform, VeChain now has specialization in F&B traceability based on

accumulated know-how and refined technology. Joining hands with its strategic

partners, PwC and DNV GL, VeChain aims to expand the business globally to

address business needs of more enterprises in the food industry.

For more information or business inquiries, please contact: bd@vechain.com

About VeChain

As a leading enterprise friendly public blockchain platform, VeChain began in

2015 and aims to connect blockchain technology to the real world by providing

enterprises with blockchain solutions suitable for their business needs and to

build a trust-free and distributed business ecosystem platform for business

value. With VeChain ToolChain(TM), a one-stop data BaaS platform, VeChain will

continue to promote the large-scale application of blockchain technology, help

enterprise clients in digitalization transformation, and eventually realize the

long-term vision of enabling the real economy.

VeChain is the pioneer of real-world business applications, with international

operations in Singapore, Luxembourg, Tokyo, Shanghai, Beijing, Paris, America,

Italy and San Francisco. With strong independent development capabilities, and

the professional compliance guidance of our strategic partners, PwC (one of the

world's top four accounting firms) and DNV GL (a leading global assessment and

certification society), VeChain has established partnerships with many leading

enterprises in various industries, including Walmart China, Bayer China, BMW,

BYD Auto, PICC, H&M, ENN, Shanghai Gas, LVMH, D.I.G, ASI etc.

For more information, please visit the official website www.vechain.com

SOURCE  VeChain

CONTACT: For news inquiries, please contact press@vechain.com