VeChain Becomes the Sole Blockchain Protocol of the APAC Provenance Council

Friday 4 May 2020, 4:06 PM AEST - 3 weeks ago

The APAC Provenance Council, supported by Government, standards agencies, standards agencies, packaging and labeling service providers, finance giants, and blockchain technology providers, is organized to combine blockchain technology into the food supply chain finance in Australia-China trades. Recently, the core founding members include Fresh Supply Co, Source Certain International, and Laava, joined by affiliate members VeChain, DNV GL Business Assurance, FoodAgility CRC (Cooperative Research Centre), Australian Made, GS1, Blockchain Australia and several others.

The New Roadmap To a Post-COVID Food Industry

In February 2020, the Australian Government issued The National Blockchain Roadmap, proactively directing opportunities in the Agritech & Food industry, which instantly stimulates the establishment of the Council.

The impact of COVID-19 additionally raises the importance of pushing forward this initiative. On the one hand, the pandemic is feigning a direct warning to food & beverage vendors across the world, especially in cross-continental trading, the suppliers are profoundly impacting their cash flows, which calls for immediate invoice finance to unlock unpaid invoices and stimulate business growth quickly. On the other hand, public awareness of food safety is unprecedentedly high. According to a study by InTarget Shanghai, Chinese customers have become more health and safety-conscious, and this will remain to be reflected in the future.

Blockchain-enabled APAC Provenance Council To Stimulate The Market

By consolidating resources from all members, the Council intends to offer a complete blockchain-enabled food supply chain finance ecosystem, bridging traceable, safe, and trusted trades with more concise billing terms in Australian suppliers and Chinese importers.

Powered by AliPay in Australia, all the B2B payments for China-destined trades from Australian food suppliers will gain milestone-based payments of the complete fiat payment upfront upon meeting the first milestone of their delivery terms. Concerning food suppliers in Australia, when they export food products tracked by VeChain ToolChain™, the complete process of product delivery will be recorded, including logistics information, the temperature during the process, and so forth. Serving as the trust machine in the multiparty association, blockchain gives immutable and authentic records, which not only assures ...

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