Vechain (VET) Rolls Out Blockchain-Based Food Safety Solution
VeChain is upping its visibility in the global food traceability scene with the release of its market-ready blockchain food safety solution based on the network’s legacy decentralized ledger technology (DLT) platform. With the COVID-19 pandemic causing systemic shocks to the supply chains around the world, market participants are turning towards DLT services for more robust supply chain management (SCM) protocols.
Leveraging Blockchain for Lifecycle Food Traceability
VeChain announced the news of its food traceability solution via a blog post issued on Friday (August 7, 2020). According to the announcement, the new service is a blockchain-based food safety infrastructure based on the VeChain ToolChain.
ToolChain is VeChain’s blockchain-as-a-service (BaaS) architecture that allows organizations to deploy DLT-solutions in their operations seamlessly.
According to VeChain, the newly released tool can be readily deployed in the food industry and comes with even faster lead times than other services in the market. The food safety network leverages both cutting edge DLT and business-compliant features to solve the major problems in supply chains across the food industry.
An excerpt from the announcement detailing the many features of the new tool reads:
“The blockchain-enabled food safety solution powered by VeChain ToolChain™ can provide food industry enterprises with various traceability templates that have been effectively verified, including origin traceability, cross-border traceability, full-process traceability, and more.”
According to VeChain, the blockchain-based solution can be deployed across many use cases and sub-sectors such as dairy, fresh produce, imported food, FMCG, and alcohol and wine. VeChain’s announcement also goes on to state,
“Companies can quickly carry out concept verification at little to no lead time and experience the full potential of blockchain technology for their respective sub-sectors.”
With the food safety solution being blockchain-based, VeChain says the adoption of the system can also boost communication across retailers in the industry. The system will reportedly enable easier collation of customer feedback and complaints which will help market participants to improve their operations.
Emerging Technologies Safeguarding Supply Chains
Friday’s announcement is the latest in a growing list of collaborations between VeChain and organizations around the world looking to utilize blockchain in SCM. As a supply chain-focused project, VeChain is arguably at the forefront of leveraging DLT in solving many of the issues surrounding the movement of goods from manufacturers to end consumers.
As previously reported by BTCManager, Italy’s farming union Coldiretti is utilizing the VeChain ToolChain for tracking farm produce. Amid the ongoing coronavirus pandemic, VeChain solutions are also finding use in infection risk verification.