VeChain, ASI Group, and DNV GL have signed a deal to create Foodgates, the first cross-continental trade and logistics solution powered by the VeChainThor blockchain for the food and beverage industry. Announced during China’s International Import Expo 2019, the project will see various types of food and beverage traced all the way from farm to table, with the VeChainThor blockchain verifying and certifying information of the full lifecycle of the products.
Macron and Xi Tuck into Blockchain Beef
VeChain already has deals in place with wineries to track their shipments, so it is perhaps fitting that beef should be the first product to be traced using Foodgates, which will see cow selection, slaughtering, packing, and cross-continental shipping all recorded on the VeChainThor blockchain on its way to restaurants in the initial phase. The system was demonstrated to Chinese President Xi Jinping and the Chinese delegation at the expo when they sampled some Limousin Label Rouge Beef that had been traced from France using Foodgates. The deal comes on the back of Xi Jinping publicly endorsing blockchain technology last month, with VeChain known to have a strong reputation within the country already.
Foodgates Opens International Doors
Mathieu Borgé, co-founder of Foodgates, hailed the partnership between France and China, which had already been strengthened by the various deals worth $15 billion already signed during the expo:
We developed a solution which connects the best of French products to Chinese buyers. We know that traceability and authenticity are essential when it comes to food and beverage. Our blockchain-powered platform is aimed at bringing transparency and traceability to the French-Chinese B2B market, while enabling French producers to access the great Chinese market faster and safer.
Kevin Feng, VeChain’s COO, extolled the virtues of blockchain technology and the three-way partnership that made up Foodgates:
VeChain is committed to adopting blockchain technology to power the real economy, and it has been a privilege to jointly develop this cross-continental logistics and trades solution with ASI Group and DNV GL. The immutability of public blockchain coupled with verifiable information makes this solution really unique and provides an additional level of trust for the consumers. We see the massive potential of this collaboration, as the products are reaching out to an enormous food market in China.
With China making a huge play towards blockchain in the coming years, VeChain could well become a must have for crypto lovers willing to play the long game.