China Endorses VeChain Tea Supply Chain Tracking Platform
A blockchain powered platform, developed by VeChain, to track tea supply chain received approval from China’s Shuangjiang county government on the day of launch on Thursday.
VeChain collaborated with top tea producers in the province to develop the tea supply chain tracking platform.
The total lifecycle of a tea cake (compressed tea), from basic ingredients to the customer will be stored on the VeChainThor blockchain, which consumers can retrieve by scanning a NFC tag or QR code with their mobile.
The Pu’er (a kind of fermented tea) tracking solution is one of the early third-party solutions to index into the National Important Products Traceability System, brought into being by Beijing. Regarding the benefits of the platform, a local Department of Commerce representative said:
“We should attach great significance to this tea traceability platform, sparing no efforts to ensure every tea brick has traceable origin, verified proper distribution and logistics, and authentic qualification, which can certainly raise the reputation of Yunnan tea globally.”
VeChain (VET), which has been on the rise so far this month, has recorded roughly 33% gains in a week to trade at $0.00735. Notably, founder Sunny Lu, talking at the Blockshow Asia 2019 event, alleged that crypto token’s valuation is based on 99% speculation and not on the basis of value it offers to society.
Chinese enterprises continue to initiate blockchain projects at an amazing rate, following President Xi Jinping’s suggestion to speed up blockchain adoption in October. Of late, China-based Xinyuan Real Estate unveiled a blockchain powered platform to quicken real-estate innovation.