SHANGHAI, Aug. 22, 2019 /PRNewswire/ -- Product safety and transparency are some of the major concerns for Chinese consumers in recent years. Hence, more and more Chinese commerces are making efforts in revamping their supply-chain strategies to satisfy the evolving consumption trend in China. Supported by the Department of Market Supervision of the Ministry of Commerce of the People's Republic of China and Shanghai Municipal Commission of Commerce, The 1st Important Product Tracing Expo (Shanghai) (IPTE), kicked off today at the National Exhibition and Convention Center (Shanghai) and will be concluded on August 23, 2019.
Co-hosted by Shanghai Commerce Association, Shanghai Food Association, and Shanghai Internet of Things Industry Association, over 70 leading enterprises showcased their traceability solutions at the IPTE. Industry leaders like Shanghai Vegetable Group, Hema Fresh Market (owned by Alibaba Group), and Shanghai Pharmaceutical Co., Ltd. brilliantly demonstrated their new retail concept along with cutting-edge traceability technology at the expo.
As the industry and market leader in integrating blockchain technology into real-world business scenarios for enhanced traceability, VeChain was invited to attend the IPTE, alongside partners such as DNV GL, D.I.G., and Norway in a Box. At the exhibition, VeChain presented multiple VeChain ToolChain-based solutions, products, as well as My Story™, a digital assurance solution jointly developed by VeChain and DNV GL.
VeChain ToolChain is a revolutionary one-stop BaaS platform built on top of the VeChainThor Blockchain. It comes in three versions, Standard, Developer, and Partner Version, which includes a complete set of hardware, software, and protocols necessary to onboard any business onto the VeChainThor Blockchain.
With VeChain ToolChain, SMEs, and individuals with no technical background are now able to integrate cutting-edge blockchain technology into their business instantly. On top of that, VeChain ToolChain supports independent deployment and multi-dimensional customization to ensure a personalized fit for various business scenarios and use cases. Channel Partners have the flexibility and freedom to develop their customized blockchain-powered solutions using the ToolChain Partner Version to solve business problems better and increase efficiency.
The application of the VeChain ToolChain has created real value for businesses and enterprises. D.I.G. showcased The Wine Traceability Platform (WTP) co-developed by VeChain and D.I.G. at the exhibition as an example. According to D.I.G., the products on WTP have achieved substantial improvement in supply-chain management. A recorded 10% increase in sales for the first batch of WTP-powered products was recognized.
My Story™, which has been implemented by three Italian wineries, Ricci Curbastro, Ruffino and Torrevento, is another example of VeChain ToolChain empowering the real economy. It combined blockchain, IoT, and third-party verification and helped the enterprises with data collection, product ID issuance, product story sharing, data verification, and data storage. With My Story™, enterprises are now able to manage their supply chains in a more sustainable and transparent way.
In addition to that, My Story™ also helps brands build and strengthen consumer trust and loyalty through individual products. Companies can share product features and information using My Story™, including but not limited to: quality, social, environmental, and ethical integrity features. By scanning the product using NFC tags and QR codes, consumers can instantly access the brand story and information of the product, which can drastically boost consumer confidence.
The solutions and products displayed by VeChain and its partners at the exhibition were well-received by the attendees. Over the years, VeChain pioneered in developing real-world blockchain use cases and adding value to the real economy. Going ahead, VeChain will stay dedicated to building a blockchain-based ecosystem for all stakeholders and accelerating the mass adoption of blockchain technology.
Launched in 2015, VeChain aims to connect 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, Haier, Bright Food, D.I.G., DB Schenker, and PICC.