VeChain, a Singapore-based blockchain ecosystem, has announced it became the first public blockchain protocol of the APAC provenance council, a cross-continental food supply chain & finance consortium powered by AliPay.
As of an official announcement, the council is focused on providing comprehensive forensically verifiable, securely marked, and blockchain-enabled supply chain finance ecosystem in the food industry.
David Inderias, FSC CEO and APAC Provenance Council Executive Chairman claims that many companies have offered "track and trace" services, but "haven’t addressed industry needs in a comprehensive way through their offering."
"In a post-COVID world when many commercial entities are in decline, we are growing by making sure we are delivering economic value, meeting industry needs, as well as including funding sources for industry," Inderias added.
With implementation of VeChain ToolChain, the food suppliers in Australia will experience the advantage of receiving faster payments. The entire process of product delivery will be registered on the blockchain network, including the dispatch, vehicle information, logistics updates, license of carrier, and many more.
iHodl previously reported that during the press conference organized by the France China Committee VeChain introduced the first cross-continental logistics and trades blockchain-based solution for the food & beverage industry called Foodgates.
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