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- A research paper highlights the commitment of VeChain to revolutionize the food supply chain management with incredible innovations.
- VeChain’s effort in this industry is underscored by the strategic partnership with major companies within the sector.
The contributions of VeChain (VET) in the revolution of food supply chain management have garnered attention in recent years, earning it some notable mentions in multiple high-profile research works.
Over the years, the blockchain platform has partnered with heavyweight food companies such as Walmart China, DNV GL, and Bayer to ensure the authenticity and traceability of their product while improving their quality and safety. In a nutshell, the platform successfully tracks food products from farm to table using a combination of Internet of Things (IoT) sensors, Radio-frequency identification (RFID) tags, and blockchain technology.
Food Supply Chain Management Sector Undergoes Technological Innovations Triggered by VeChain
In a recent research paper titled: “Technological innovations in accounting for food supply chain management,” the VeChain technology was cited to have offered a groundbreaking solution to the industry with enhanced transparency and traceability.
With a general focus on blockchain, the authors stated that the emerging technology enables every transaction and movement of food products to be tracked, enabling consumers to verify the authenticity and origin of products they purchase. One of the main 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 check.
An excerpt of the research paper reads:
One of the primary benefits of blockchain technology in the food supply chain industry is its ability to ensure the authenticity and integrity of data related to food products. By recording every transaction and movement of food items 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. Moreover, blockchain technology enhances the traceability of food products, allowing the stakeholders to track the journey of products from the farm to the consumer.
Companies Leveraging Blockchain
To take advantage of 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 collaborated with IBM to develop a blockchain-based platform to track its global trade transactions.
Outside these large-scale initiatives, several startups and businesses are also taking advantage of 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 using the blockchain to verify the authenticity and sustainability of food products.
Throwing more light on its real-world use cases, founder and CEO of VeChain, Sunny Lu, recently disclosed in an interview that the main purpose of the blockchain platform is to bridge the gap between traditional business activities and emerging technology.
As we earlier reported, Vechain’s initial purpose was to address the issue of counterfeiting confronting renowned brands like Louis Vuitton. Today, its role transcends that realm to dozens of equally important sectors.
At press time, VET was trading at $0.029 after surging by 0.53% in the last 24 hours.