Blockchain changes the game for the Australia-China trade as the COVID-19 is complicating the relations across the world. The ability of the technology to store and to verify data has now won the hearts of the financial giants in China and Australia which will use the blockchain technology to approve bridge funding for the shipments, as we are reading in the blockchain news today.
The experts believe that the use of blockchain technology will be crucial for the recovery after the Coronavirus pandemic. Major companies such as BHP committed to supporting the businesses and suppliers much faster and allows a faster cashflow as well during the pandemic. However, complex supply chains made it difficult for agricultural exporters to have the same guarantees.
Payment timeframes were swamped with threats of boycotts and made huge problems on the ports in both countries. A recent analysis that we have in the blockchain latest news warned of major changes to Chinese hospitality since the market caused major drops in demand for Australian products. The delays from the side of the Australian exporters have to wait longer to get paid which is why the APAC Provenance Council hopes that the blockchain technology with the help of Mastercard will solve this problem.
As reported in the VeChain VET news, the public blockchain of the platform will help to solve this problem by exporting $76 billion worth of the agricultural surplus of Australia to china’s massive population. With Vechain’s help, the initiative could be extremely important for both countries. By using blockchain technology, it is easier to track individual shipments of products from the moment they are picked in Australia until their arrival in China.
Vechain will allow the exporters to track and document the movement of agricultural products through the supply chain, international shipment providers, and customs. Each member of the supply chain will have to confirm the shipped product and will have to integrate the data from connected sensors. The supply chains have been used within different trading communities but with the help of Mastercard and Alibaba, VeChain can be seen as the acceptable risk that is involved in transactions.
The latest Blockchain 2030 report by the Australian Computer Society identified multiple use cases as one of the few transformative applications of the blockchain technology nowadays.
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