On June 6, 2020, Yuhongtai Foods Co. Ltd. announced via twitter that they would adopt VeChain tech to power their food traceability platform, starting with premium meat products.
Yuhongtai Foods is a chain of stores based in the Chinese province of Shenzhen, which specializes in the fresh meat and vegetable market.
From now on, all their production data will be thoroughly documented by the traceability solution and stored in the VeChainThor Blockchain, enabling customers to scan items on the shelf and conveniently get access to detailed info on each product.
With a population of more than 12.53M, Shenzhen is one of the most advanced technological hubs of China, and a frontline city of the blockchain industry.
Vechain Is Growing Its Traceability Solutions
According to data from analytics firm Statista.com, counterfeit goods result in losses of about $320 billion each year.
VeChain solves the counterfeiting problem by providing a blockchain-based tracking solution that documents and tracks products of all kinds from the point of production to the end-user.
Using a QR code on the packaging, the end consumer can view additional information and thus seamlessly verify the production and authenticity of all products.
Food companies in China have extensively utilized this new tech to build trust in their food brands. For instance, Walmart-China, and VeChain announced they were partnering to set up the Walmart China Blockchain Traceability Platform in 2019.
This Platform would allow Walmart China to make use of blockchain technology to trace its products, with the expectation that by the end of 2020, half of all sales of fresh meat and 40% of sales of packaged vegetables would be traceable.
And now, on June 2, 2020, Walmart China revealed it would commit Sam’s Club China, a members-only premium supermarket on its retail chain, towards collaboration with VeChain.
Blockchain-based Traceability Gains Ground in Fashion
Blockchain tamper-proof tech guarantees that there is no fraud involved in the supply chain of numerous industries, and it is being deployed in diverse sectors, including fashion.
Case in point, in February of this year, U.K.-based fashion brand Sarah Regensburger revealed the deployment of VeChain’s ToolChain application to increase traceability in the fashion industry.
IOTA has also joined the tractability game, with luxury fashion brand Alyx recently announcing the launch of a blockchain pilot powered by IOTA (MIOTA) to increase supply chain transparency.