SHANGHAI, Aug. 12, 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.
VeChain ToolChain™ 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™, 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™ for Businesses
The VeChain ToolChain™ powered food safety solution is characterized by its high standardization, light cost and flexible payment in the market. Most importantly, VeChain ToolChainTM 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™ includes:
Value 1: Enable Enterprises To Introduce And Complete Blockchain Proof-of-concepts Efficiently. The blockchain-enabled food safety solution powered by VeChain ToolChain™ 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-effectiveWay. VeChain ToolChain™ 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™ 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™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.
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™, 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.