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VeChain Revolutionizes Food Supply Chain for Transparency
- Research study highlights VeChain’s commitment to revolutionizing food supply chain management with incredible innovations.
- VeChain’s commitment to this industry is underlined by strategic partnerships with leading companies in the industry.
The contributions of VeChain (VET) in the food supply chain management revolution have attracted attention in recent years, earning some notable mentions in several high-profile research works.
Over the years, the blockchain platform has partnered with major food companies such as Walmart ChinaDNV GL and Bayer to ensure the authenticity and traceability of their products, while improving their quality and safety. In a nutshell, the platform successfully tracks food products from farm to fork using a combination of Internet of Things (IoT) sensors, radio frequency identification (RFID) tags, and blockchain technology.
Food Supply Chain Management Industry Undergoes Technological Innovations Triggered by VeChain
In a recent research paper Titled: “Technological Innovations in Food Supply Chain Management Accounting,” VeChain technology was cited as a game-changing solution for the industry with greater transparency and traceability.
With a general focus on blockchain, the authors stated that the emerging technology enables tracking of every transaction and movement of food products, allowing consumers to verify the authenticity and origin of the products they purchase. One of the key features of blockchain is its smart contracts. According to the report, this enables automation and various processes within the food supply chain, including payment settlement, quality control inspection, and compliance control.
An excerpt from the research paper reads:
One of the key benefits of blockchain technology in the food supply chain industry is its ability to ensure the authenticity and integrity of food data. By recording every food transaction and movement on the blockchain, stakeholders can verify the accuracy and provenance of the information. This transparency reduces the risk of fraud, counterfeit products, and food safety incidents as any discrepancies or anomalies can be quickly identified and addressed. Blockchain technology also improves food traceability by allowing stakeholders to track products from farm to consumer.
Companies that use blockchain
To harness the power of blockchain, Walmart has partnered with IBM to implement the technology in its supply chain. Similarly, the world’s largest shipping company, Maersk, has partnered with IBM to develop a blockchain-based platform to track its global trade transactions.
Apart from these large-scale initiatives, several startups and companies are also leveraging blockchain technology to improve transparency, traceability, and accounting in the food supply chain. With this, the research paper cited Provenance and VeChain as one of the leading platforms that use blockchain to verify the authenticity and sustainability of food products.
Shedding light on the concrete use cases, VeChain founder and CEO Sunny Lu recently revealed in an interview that the main purpose of the blockchain platform is to bridge the gap between traditional business activities and emerging technologies.
As we said before reportedVechain’s initial goal was to address the counterfeiting problem plaguing well-known brands like Louis Vuitton. Today, its role transcends that realm and extends to dozens of equally important industries.
At press time, VET was trading at $0.029 after rising 0.53% in the last 24 hours.
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