The research paper highlights VeChain’s efforts to revolutionize food supply chain management with amazing innovations. VeChain’s efforts in this industry are highlighted by strategic partnerships with leading companies in the field.
In recent years, VeChain (VET) has been gaining attention for its contribution in revolutionizing food supply chain management, with notable mentions in multiple prominent research papers.
Over the years, the blockchain platform has partnered with major food companies such as Walmart China, DNV GL, and Bayer to ensure product authenticity and traceability while improving quality and safety. In simple terms, the platform successfully combines Internet of Things (IoT) sensors, Radio Frequency Identification (RFID) tags, and blockchain technology to track food from farm to fork.
Food supply chain management sector is being revolutionized by VeChain
A recent research paper titled “Technology Innovation in Accounting for Food Supply Chain Management” cited VeChain’s technology as providing the industry with a groundbreaking solution that enhanced transparency and traceability.
Focusing on blockchain in general, the authors say the emerging technology will enable tracking of every transaction and movement of food, allowing consumers to verify the authenticity and origin of the products they purchase. One of the key features of blockchain is smart contracts, which, according to the report, will enable the automation of various processes within the food supply chain, including payment settlement, quality control inspections and compliance checks.
The following is an excerpt from the research paper:
One of the main benefits of blockchain technology in the food supply chain industry is that it can ensure the authenticity and integrity of food-related data. By recording all food transactions and movements on the blockchain, stakeholders can verify the accuracy and provenance of the information. This transparency reduces the risk of fraud, counterfeiting, and food safety incidents, as discrepancies and anomalies can be quickly identified and addressed. In addition, blockchain technology increases food traceability, allowing stakeholders to trace the path of a product from farm to consumer.
Companies using blockchain
To harness the power of blockchain, Walmart has partnered with IBM to implement the technology in its supply chain. Similarly, Maersk, the world’s largest shipping company, has partnered with IBM to develop a blockchain-based platform for tracking global trade transactions.
Apart from these large-scale efforts, several startups and companies are also leveraging blockchain technology to improve transparency, traceability, and accounting in the food supply chain. In line with this, the research paper cited Provenance and VeChain as among the leading platforms using blockchain to verify food authenticity and sustainability.
VeChain founder and CEO Sunny Lu revealed in a recent interview that the blockchain platform’s main aim is to bridge the gap between traditional business activities and emerging technologies, further elaborating on practical use cases.
As we’ve said before, Vechain’s original purpose was to address the counterfeiting issues facing big brands like Louis Vuitton. Now, its role has expanded beyond that to dozens of equally important areas.
At the time of writing, VET is trading at $0.029, up 0.53% over the past 24 hours.
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