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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‘’We wrote more transactions than Bitcoin over the weekend by migrating our client work from Ethereum to VeChain – we managed to execute 20+ smart contract transactions per second.’’Deloitte left Ethereum a week ago after the company explained they will be moving onto VeChain. Also, BMW joined the VeChain network as well and the transaction news comes after the announcement by Jaguar Land Rover where they also announced utilizing the IOTA blockchain as a crypto solution. Many significant companies are starting to build on less-popular platforms such as VeChain, EOS, and Tron. VeChain is an enterprise-ready solution as per their description.VeChain managed to process about 396,000 transactions on Sunday compared to Bitcoin’s 359,000. As per the best cryptocurrency news sites, the total value of VeChain transactions is less than the one transferred to bitcoin. The price of VET is currently at $0.006417 with about $11.5 million in trading volume for the past 24 hours.Smart contract platforms such as Ethereum require a small amount of the token base to execute transactions. The news is interesting since only one company was able to push the transactions of VeChain ahead of Bitcoin. You can only imagine what could happen if 20 more companies did the same. It also sparks the question of providing a scaling solution for the most valuable blockchain. The limited capacity of the BTC blockchain asks the question how big of a role will scaling solutions play down the road.VeChain processed fewer transactions than Tron and EOS on Saturday since both of the blockchain process millions of transactions daily. The demand for the VET token is generated organically when large partnerships happen. Companies are then willing to demand tokens in order to conduct their daily businesses. On the other hand, VeChain is seen as an enterprise alternative for the products but it still flies under the radar given its trading activity and price.
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