Blockchain startup VeChain is bringing French food to Chinese dinner tables using a cross-continental blockchain logistics solution called FoodGates. The blockchain platform tracks the products used in 15 billion dollar trade deals between France and China. The public VeChain Thor blockchain powers the food tracking solution. As a result it will track the full life cycle of beef production, to slaughter, shipping, and eventually the restaurant.
VeChain did the announcement during the China International Import Expo 2019. The event was attended by France’s President Emmanuel Macron, and China’s President Xi Jinping. The trade deals between the two countries are worth 15 billion dollars and include the sale of beef, wine and A350 Airbus jets. On a yearly basis there’s at least 60 billion dollars of trade happening between China and France. This number grows with 15 percent per year.
We know that traceability and authenticity are essential when it comes to Food & Beverage products. Our blockchain-powered platform is aimed at bringing transparency and traceability to the French-Chinese B2B market, while enabling French producers to access the great Chinese market faster and safer.Mathieu Borgé, Co-founder of Foodgates (blog post VeChain, November 7th 2019)
President Xi Jinping recently announced a push into the blockchain sector. China will embrace the technology with full force. VeChain sees the launch of FoodGates as a first move. They believe to be ‘a direct beneficiary of this bullish shift by the second largest economy in the world’.
After the announcement of FoodGates the value of VeChain bumped up 11 percent.
VeChain gaining momentum
VeChain has been implementing its blockchain solution all over the world lately. In China the company is testing its supply chain blockchain technology with Walmart. In addition BMW is doing tests to combat mileage fraud.
The company is working together with a variety of strategic partners, including DNV GL and PriceWaterhouseCoopers (PwC). The blockchain startup also has partnerships with companies like Renault, NTT DoCoMo, DB Schenker and 23 more companies.
Also published on Medium.