VeChain Becomes Sole Blockchain Provider of 130 Member China Animal Health And Food Safety Alliance September 18, 2020 September 18, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsSeptember 18, 2020 by Kelly Cromley

VeChain Becomes Sole Blockchain Provider of 130 Member China Animal Health And Food Safety Alliance

The VeChain Foundation has become a council member of the China Animal Health And Food Safety Alliance. As per an announcement made on September 17, VeChain is “the sole public blockchain technology provider in the alliance” and will provide technical and infrastructure backup.

Over 130 firms are enrolled as members of the alliance, including China branches of McDonald’s, Starbucks and Walmart.

VeChain, a supply chain monitoring venture, has already got an alliance member as a client of its ‘ToolChain’ platform and is confident that many more would join soon. Nevertheless, the media release did not disclose any info about the client or the level of collaboration.

The China Animal Health And Food Safety Alliance (CAFA) presently utilizes the Food Trust Tracking Program. The US poultry producer Cargill disclosed in June that it was monitoring “Chicken 2.0” in China using the CAFA platform via QR codes to give consumers crucial data related to “hatchery, farm, production and environment data, certifications and test reports.”

VeChain aims to utilize its ToolChain platform to aid the CAFA in “building a from-farm-to-table traceability system” throughout China by building over the prevailing Food Trust system.

VeChain stated “All enterprise members of the alliance will be capable of logging key processes of food products onto the blockchain in an immutable and secured way, bridging trust between consumers and the enterprises. Traceability can start from cultivation, processing, packaging, logistics, to retail and more.”

Furthermore, VeChain said “By powering traceability platforms for alliances such as CAFA and other similar partners, the VeChainThor blockchain would be used by hundreds and thousands of businesses without needing VeChain to approach them individually.”

VeChain’s traceability solution for food and several commodities are used by companies such as Walmart China, automobile manufacturers BMW and BYD Auto, white goods enterprise Haier, garment company H&M and many more. The company has also joined hands with audit firm PwC and certified registrar DNV GL.

The system utilizes a proof-of-authority (PoA) covenant, which permits quick and cost effective transactions at the cost of decentralization, with only 101 authority nodes managed by corporations or individuals possessing a minimum of 25 million of its tokens, which can verify transactions and create blocks.

As per VeChainStats, currently, over 150,000 data clauses exist on VeChain Thor mainnet and 64.30 billion VET tokens are in circulation.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.