- VeChain, Alipay and Mastercard support the APAC Blockchain Consortium. The Blockchain is used for authentication in the supply chain.
- The consortium will focus its development on trade between Australia and China. Exports between these countries reach 76 billion USD.
The industry giants Mastercard and Alipay together with VeChain support the APAC Provenance Council. The consortium has succeeded in raising a substantial amount of money to drive the development of supplychain tracking technologies.
VeChain verifies authenticity of products
The APAC Provenance Council is committed to finding effective solutions to ensure the origin, destination and authentication of a product’s quality through blockchain technology. The consortium will be responsible for ensuring full traceability of wine, food and other products in the Asia-Pacific region. However, a special focus will be on trade between China and Australia. Trade between the two countries is estimated at more than USD 76 billion.
The products will be monitored and tracked using VeChain’s blockchain technology or Mastercard’s authorized ledger. According to a report of the company Data Bridge, the VeChain Foundation is one of the most important agents, together with large companies like IBM and Microsoft, which play a key role in the application of the blockchain technology. According to the report, these companies operate in a market with massive growth potential.
Data Bridge believes that the widespread use of blockchain technology in the agricultural and food supply chain and the growing awareness of the benefits of blockchain technology will be the main drivers of market growth.
Through the technologies of the consortium partners, a product can be paid for in partial payments: 30% can be paid when the product leaves Australia, another 30% when it passes through customs controls in China and the rest when it is delivered to its final destination. In addition, the members of the Consortium have various payment methods at their disposal, this service also 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. Inderias explains:
We can pay our customers faster, meaning we can pay with credit. Typical terms and conditions are arrival plus 30 days, so it is exciting for many of our customers who can pay immediately.
VeChain’s CEO, Sunny Lu, highlights the benefits of implementing the blockchain technology and its various use cases:
The implementation of blockchain technology will undoubtedly help mitigate the immediate economic impact of the pandemic on businesses and will help improve productivity by freeing up more resources and growth opportunities.