A new report is in the latest blockchain news, showing that the VeChain blockchain for food tracking will trace $300 billion worth of products in the food market by year 2027. For those of you who are unfamiliar with this solution, you should know that the VeChain VET cryptocurrency provides an enterprise feature for traceability of food and food products.
Therefore, VET is seen as a cryptocurrency with a massive potential – and one that supports the adaptation of the blockchain. As a result of this, the price of VeChain (VET) has surged by around 30% in the last 24 hours.
The report is shared between one crypto media outlet and VeChain, describing the use of blockchain technology along with the Internet of Things (IoT) and how they can save more than $100 billion in traceability costs in the food industry. As it details, tracking along the value chain is extremely important, mostly because financial losses due to counterfeit products amount to $323 billion every year.
The collected data also describes that by 2027, the VeChain blockchain for food tracking will be able to trace food products worth more than $300 billion. In the fishing industry, some forecasts assume that 25% to 70% of wild salmon and Atlantic cod will be replaced by lower quality fish which would result in billions of dollars worth of damage.
Now, both consumers and companies suffer financial damage as well as a damage on their image. The VeChain blockchain for food tracking can effectively help and promote transparency for all actors involved, storing data from the value chain on the blockchain in a tamper-proof way which is easy to retrieve.
In the VeChain news before, we shared details on IBM being the industry leader in traceability. However, the entire ecosystem is changing and more companies are entering this market – a statement from the CEO of the project, Sunny Lu, shows that the VeChain blockchain for food tracking will make the entire business model more transparent and fairer:
From our experience in international food trades and large-scale traceability platforms, the introduction of blockchain technology to the food value chain applies a long-term benefits scheme into the entire business model.
So far, some of the most notable partnerships that VeChain established in this field include the one with Walmart China for tracking certain segments of food products using the VeChainThor blockchain, along with the My Story™ project in Norway and an interface for tracking high quality French beef for Chinese buyers.
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