Bockchain technology is applied in the supply chain industry in order to ensure the transparency & traceability of the product's life cylce. Thus, blockchain helps to address the fraud in supply chains management by creating blocks of records that cannot be altered.
Recently more and more companies try to apply this technology. After the partnership with Walmart China on June this year, Vechain announced its Pu’er Tea Traceability Platform with its partners. Retail giants Carrefour and Nestlé annunced the Infant Formula Tracking. I provide both of the news below:
A tea traceability platform powered by VeChain
A tea traceability platform powered by VeChain received an official endorsement from the Shuangjiang county government at its launch on Nov. 13.
VeChain partnered with leading tea producers in the region to implement the traceability platform. The entire lifecycle of a tea brick from raw material to the consumer will be recorded on the VeChainThor blockchain, which customers can access by scanning a QR code or NFC tag with their smartphone.
The Pu’er Tea Traceability Platform is one of the first third-party platforms to index into the National Important Products Traceability System, put in place by the Chinese Central Government. 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 continues its meteoric rise
VeChain (VET) has had an impressive month so far, pumping over 60 in the last 30 days. Following the official endorsement of the tea traceability platform, the token is seeing gains of over 15%.Ironically, founder Sunny Lu, speaking at the Blockshow Asia 2019 event yesterday, claimed that 99% of a token’s price is pure speculation, and not based on its value to society.
Chinese businesses seem to be falling over themselves to announce blockchain initiatives, following President Xi Jinping’s call to accelerate blockchain adoption last month. China-based Xinyuan Real Estate recently announced a blockchain-based platform to speed up real-estate innovation.(source: Cointelegraph.com)
According to VeChain Foundation, Pu’er tea is a class of fermented teas primarily grown and processed in the province of Yunnan. In 2018, the total production volume of Pu’er tea in China reached 172,000 tons. Similar to wine, some branded Pu’er tea are viewed as luxury collectible consumables, commanding north of $3500 per kilogram, and some selected brands and vintage can fetch astronomical pricing during auctions. During an auction in Hong Kong on May of 2019, 7 bricks of old Pu’er vintage lot weighing 2320 grams (Lot 128 Hundred Year SongYu. Blue Label) fetched over 15.6 million HKD or $2.0 Million U.S. Dollars. (source: Medium.com)
With this technology customers can easily track the product's life cyle information by scanning the QR code or NFC tag using their smartphone, they can have instant and direct access to all the information.
Retail giants Carrefour and Nestlé's Infant Formula Tracking
Carrefour and Nestlé are working on tracking the supply chain of milk-based formula for infants with help of IBM’s Food Trust blockchain platform, according to a Nov. 14 announcement.
By using the platform, the firms aim to advance consumer confidence in the products’ quality by ensuring more transparency of the entire supply chain of formulas produced by Laboratoires Guigoz. The system aims to improve supply chain transparency and conduct checks of infant nutrition products’ origins.
Implementation of blockchain-based tracking systems by retail giants
Both Carrefour and Nestlé are not new to the application of blockchain in their internal processes. The companies began using IBM’s blockchain technology in April in order to track the supply chain of Mousline, a well-known brand of instant mashed potatoes.Also this spring, Carrefour rolled out a blockchain-powered product, Carrefour Quality Line micro-filtered full-fat milk.
Carrefour reported an increase in sales after a number of blockchain implementations that tracked the supply chains of a range of different products including meat, milk and fruit. The increased traceability purportedly allowed customers to avoid products that contained genetically modified organisms, antibiotics, and pesticides. (source: Cointelegraph.com)
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