Crypto Currency

VeChain Becomes First Public Blockchain to Join Cross-Continental Food Supply Chain

According to VeChain,

“On the one hand, the pandemic poses a direct threat to food and beverage manufacturers and suppliers around the world, increasing the challenges of maximizing profit, maintaining healthy cash flow and creating value. Particularly in cross-continental trade, the financial pressures that suppliers face have a significant impact on their cash flows, requiring immediate invoice financing to quickly unlock unpaid invoices and drive business growth. On the other hand, public awareness of food safety is unprecedentedly high. ”

VeChain also cites a Shanghai study that follows new behaviors in light of the global pandemic. It confirms that, despite recent reports that China has flattened the curve, Chinese consumers, still affected by the coronavirus outbreak, prioritize food safety and health. via: Select News 91

David Inderias, Executive Chairman of the APAC Provenance Council, says providers such as Fresh Supply Co, Source Certain International and Laava, all network members, can take advantage of integrated financing and payments.

“In a post-COVID world where many commercial entities are declining, we are growing by ensuring that we deliver economic value, meet industry needs and also include industry funding sources.”

Data Bridge expects that the widespread adoption of blockchain in the agricultural and food supply chain and the growing awareness of the benefits of blockchain will be the main drivers of market growth. In that sense, comes this announcement of cooperation between VeChain, Microsoft and Alipay.

The partnership will allow traded products to have different benefits for payments. Through the consortium, a product can be paid in parts: 30% can be paid when the product leaves Australia, another 30% when it passes the customs controls in China and the rest when it is delivered to its final destination. In addition, consortium members will have different methods of payment, this service includes digital wallets.

According to Fresh Supple Co. CEO and co-founder David Inderias, consolidated payments can be made in seconds with Alipay and Mastercard.

Robert Cronk

Avid News Reader at Select News 91

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