VeChain announced the latest partnership with ASI Group and the existing partner DNV GL and will create a new solution based on the blockchain technology that will improve food tracking around the world. Let’s find out more about the VeChain latest news today.
FoodGates, the latest blockchain solution, is powered by the VeChain thor public blockchain and is the first solution of its kind. The announcement came at the China International Import Expo 2019 where China’s President Xi Jinping and France’s President Emmanuel Macron attended.
According to the latest announcement from VeChain, FoodGates is the first platform that is built on the public blockchain that will be used for tracking food throughout the supply chain across the world. The new solution will cover the entire life cycle of beef production including, cow selection, slaughterhouse, packing, shipping and reaching the restaurant.
Right before VeChain announced the new solution, President Xi presided over the opening to the event along with President Macron as a part of the official state visit to the country. Over the course of three meetings, the pair agreed to trade deals worth about $15 billion for the French economy for the sale of wine, beef and A350 Airbus jets. Both of the presidents have a lot to gain from their partnership and it was one of the topics discussed after the event.
China is one of the biggest trading partners for France and has a bilateral trade volume of more than $60 billion each year. This figure is slowly growing at a rate of 15 percent each year. If you take into consideration that the agricultural product represents a huge proportion of trade, VeChain is in a top position to capitalize on the market. The FoodGates news came right after the Chinese President expressed his support for blockchain technology. At the end of the month, the markets took a leap at the news and stated that China will start seizing the opportunity that blockchain can bring.
At the time of writing, VeChain’s VET Token increased by more than 10 percent over the 24 hours which could be attributed to the FoodGates announcement. The price has since stabilized and is now at $0.005716 so we’ll keep monitoring it in the next few days.
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