VeChain (VEN) announces partnership with BrightFoods, China’s 2nd largest food company
VeChain has announced a major new partnership, joining with Bright Foods (Group) Co. and Shanghai Xiandao Food to integrate the VeChainThor Blockchain into the food companies’ supply chain and data management systems: “from crop to retail”.
VeChain signs a partnership with Bright Foods and its IT/Tech subsidiary Shanghai Xiandao Food to integrate blockchain technology into Bright Food (Group) Co. — the second largest food company in China who is owned by the Shanghai Municipal Government.https://t.co/VnM5hVl8H5
— VeChain Foundation (@vechainofficial) May 16, 2018
Though the Chinese government has taken steps to curb the domestic crypto economy with restrictions on ICOs, mining and exchanges, it looks much more favourably on the underlying blockchain technology, particularly as a way to streamline the logistical problems inherent in feeding such a large population.
Bright Food has over 90 Chinese and overseas subsidiaries, including four publicly listed companies, bringing in ￥160 billion RMB (approximately $25.3 billion) annually. Under the terms of the partnership VeChainThor technology will be integrated into “the core of Bright Food’s supply and processing chain” while the collaboration with Shanghai Xiando Foods will “research further uses of blockchain technology and cold-logistics solutions.”
The second largest food company in China, the Bright Food Group is involved with all aspects of its products, from farming to distribution. It will use VeChainThor blockchain in its data and supply chain management, as well as testing new uses for the technology.
Perhaps most importantly for Chinese consumers who have recently suffered several contaminated food scandals, supply chain management through blockchain should be particularly effective in ensuring the quality of meat, milk, dairy and seafood.
Singapore-based VeChain describes itself as “a leading global enterprise level public blockchain platform” which aims to “connect blockchain technology to the real world” through its “comprehensive governance structure, a robust economic model as well as advanced IoT integration”. According to VeChain, its blockchain solutions are “set to revolutionise the way state-owned and multinational enterprises conduct honest business across their entire supply chain.” Not only do blockchain logistics allow for greater efficiency, but also suppliers and consumers can “ensure the safety and quality of their products in real time.”
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