VeChain becomes the only public blockchain protocol of the APAC Provenance Council – a transcontinental consortium of the food industry and finance

The APAC Provenance Council, supported by government agencies, industry and export organizations, standards agencies, service providers active in packaging and labeling, major players in finance and suppliers of blockchain technology, was established with a view to integrating blockchain technology at the heart of the financing of the agrifood sector in the context of trade between Australia and China. The main current founding members include Fresh Supply Co, Source Certain International and Laava, joined by associate members such as VeChain, FoodAgility CRC (Cooperative Research Center), DNV GL Business Assurance, Australian Made, GS1 and Blockchain Australia.

The new roadmap for an after-COVID food industry

In February 2020, the Australian government released a national blockchain roadmap , taking a proactive look at opportunities in the agricultural technology (agritech) and agrifood sectors, thereby directly accelerating the creation of advice.

The impact of COVID-19 further increases the need for rapid progress on this initiative. On the one hand, the pandemic poses a direct threat to sellers of food and drink worldwide; in the context of transcontinental trade in particular, suppliers exert a great influence on their cash flows, which requires the immediate financing of invoices in order to release unpaid invoices and to stimulate the growth of companies. On the other hand, public awareness of food security has never been stronger. Chinese consumers are paying more attention to their health and safety today, a situation that will continue in the future, according to a study by InTarget Shanghai .

APAC Provenance Council equipped with a blockchain to stimulate the market

By combining the resources of all its members, the council aims to offer a complete blockchain-based ecosystem for the financing of the agrifood sector, allowing traceable, safe and reliable trade with shorter payment terms between Australian suppliers and Chinese importers.

David Inderias , Executive Chairman of the APAC Provenance Council , said: “Many solution providers have offered tracking and tracing services without looking at the needs of the sector as a whole. In the post-COVID world, where many commercial structures are in decline, we are developing while ensuring real economic value, meeting the needs of the industry and integrating sources of funding for the industry. “

Made through AliPay in Australia, all B2B payments for transactions to China from Australian food suppliers will be made by splitting the total fiduciary payment in advance, upon execution of the first stage of delivery conditions. When Australian food suppliers export products plotted by VeChain ToolChain ™, the entire product delivery process will be recorded, including logistics data and temperature during the process, among others. Playing the role of an element of trust in the context of a multi-stakeholder collaboration, the blockchain provides unalterable and authentic documents,

VeChain, the only public blockchain protocol within the consortium

VeChain is committed to enabling its partners to implement blockchain technology in different sectors in order to solve real problems . Cases where the method has proven successful, such as FoodGates , pave the way for more efficient supply chain financing at an unprecedented level.

Sunny Lu , CEO of VeChain, underlined the following points: “Driven by the mission to strengthen the real economy, VeChain is positioning itself as a catalyst allowing its partners with the blockchain to create commercial applications for various sectors. The introduction of blockchain certainly helps to mitigate the immediate economic impacts of the pandemic for businesses, and will help improve productivity by freeing up more resources and creating more growth opportunities. “

The Australian Department of Agriculture predicts that China will account for 43% of overall growth in demand for agricultural products by 2050. Australian products enjoy a high reputation for their high quality, Australian exporters can benefit considerably from China’s growing demand for quality products and its food security needs. As the market evolves, the demand for ready-to-use standard blockchain tools will also grow dramatically, giving VeChain ToolChain ™ the opportunity to support more businesses and create more valuable.

Source : PR Newswire

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