VeChain pairs with Avery Dennison Intelligent Labels (ADIL) to showcase the new blockchain-based food supply chain solution on IOTE 2020 as we are about to find out more in the latest VeChain news today.
VeChain pairs proudly with Avery Dennison Intelligent Labels to attend the 14th International Internet of Things Exhibition in Shenzhen, China. As the biggest IoT expo in Aisa, IOTE 2020 gathered more than 800 professionals from enterprises as well as 130,000 professional visitors from different industries including food, retail, and automobile. Vechain along with ADIL showcased a Blockchain+IoT” solution in front of enterprise attendees across the world.
Behavioral changes that have arisen due to Covid-19 brought in higher demand for safer and traceable food on platforms, raising public awareness of health. According to an IBM study, 71% of consumers will have no trouble in paying an additional average premium of 37% for companies that are offering full traceability and transparency. The food supply chain is one of the most complex supply chains as 70% of the companies have visibility gaps between the suppliers and internal clients’ systems.
With these conditions, the visibility within the supply chain should be a top priority for the businesses that are looking to build trust with consumers where the IoT technology and blockchain will make a huge impact. According to another study, these technologies could save more than $100 billion for the entire global food industry per year. Blockchain is expected to support about 10% of the total food industry products tracked worldwide by 2023.
VeChain has therefore developer the capability to provide business-oriented technology for companies of any size. With the built-in food traceability and customizable tools, the one-stop data BaaS platform VEchain ToolChain can be implemented right away into the existing supply chains of the food manufacturers, retailers, and suppliers.
By integrating Avery Dennison’s smart label products with VeChain ToolChain, the combination will enable the food company to realize transparent end-to-end digital management solutions for products. This will make the food supply chain smarter by allowing more valuable connections to be developed and to boost trust between consumers and brands. Vechain along with ADIL will provide full digital solutions for consulting, integration, and implementation to optimization services by helping food enterprises of different sizes.
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