- VeChain has partnered with the ASI Group to implement the first cross-continental logistics and trading solution on the VeChainThor blockchain
- The partnership is intended to establish an interface between French producers and Chinese buyers via the blockchain to monitor the production of high-quality products along the value chain
On November 7, 2019, VeChain announced a tripartite partnership with ASI Group Ltd. (ASI) together with its other existing partners, DNV GL, on an initiative code-named FoodGates that will allow food tracking on the blockchain.
The VeChainThor public blockchain is set to power the FoodGates network and, when fully launched, will be the first cross-continental logistics and trades solution based on the Thor ecosystem.
This solution is the first of its kind to leverage blockchain to track food products from processing, shipping, and finally, the consumer. For instance, beef products will be tracked as fur as from cow selection, slaughtering, packing, cross-continental shipping to the restaurants.
Details of the Partnership
The birth of FoodGates following this partnership will provide a world premium, trusted blockchain technology that will enable consumers, as well as manufacturers, to keep track of manufactured food products, including high-end beverage products safeguarding product quality and safety.
FoodGates B2B F&B digital platform will link French producers and Chinese professional buyers. The platform has already entered into an MoU with the Henan Pilot Free Trade Zone to collaborate in the importation of food products from France to the FTZ.
VeChain Attends the China International Import Expo 2019 (CIIE)
The partnership comes at a time when VeChain is attending The China International Import Expo 2019(CIIE) that commenced on November 5 and will end on November 10. The 5-day conference is a major initiative of the Chinese government to provide firm support to trade liberalization and economic globalization and actively open the Chinese market to the world.
The event has brought together over 3,000 companies from over 150 countries and regions, including 250 of the Fortune 500 companies. The CIIE conference, organized by the France China Committee-a member of the Mouvement des Entreprises de France (MEDEF), was the first conference to showcase various blockchain solutions to potential enterprise customers as well as government officials.
A notable public figure who attended the conference and even opened it is French President Emmanuel Macron. Macron later discussed the diplomatic relationship between France and China with Chinese President XI Jinping. The event is vital among cryptocurrency enthusiasts as it confirms China’s changed perception towards the blockchain technology. President Xi has praised blockchain and called for its development on a national level.