China’s largest newspaper refers to crypto asset VeChain as integral in the “From French Farms to Chinese Plates” food safety initiative. In a continuation of pro-blockchain sentiment, the People’s Daily publicize how blockchain is helping to restore consumer confidence in China’s food industry.
Food Scandals In China
The Chinese food industry is suffering a crisis of confidence. And scandal after scandal continues to highlight the weak controls in place that fail to protect the public.
Perhaps the most internationally recognized story relates to melamine found in baby milk powders in 2008. This caused the death of six children and over 300,000 cases of illness.
Although authorities executed a milk farmer and dairy salesman for their part in the scandal. That hasn’t deterred criminals from continuing to gamble with people’s health in the pursuit of profit.
And countless cases that include diseased meat, fake eggs, human hair soy sauce, sewer oil, etc., continue to make their way into the food chain. The situation is so bad that McKinsey Research found Chinese residents are more concerned with food safety than they are about health, unemployment, and crime.
Supply chain investigator, Mitchell Weinberg talks about the scale of the problem by saying:
“Statistically we’re uncovering fraud about 70 percent of the time, but in China it’s very close to 100 percent. It’s pervasive, it’s across food groups, and it’s anything you can possibly imagine.”
And so, the issues with China’s supply chain make it a prime candidate for utilizing blockchain technology. Indeed, Wal-Mart, which has 400 stores in China, was one of the first to jump on board back in 2017. When they trialed a system to trace pork meat.
VeChain Leading The Way In Blockchain Food Safety
Today, Wal-Mart China has developed its Blockchain Traceability System in conjunction with VeChain, and “big four” firm PwC. In a June 2019 press release, they detailed how the system would work by saying:
“Customers can scan the QR codes of goods to get detailed information about the source of goods supply and the geographical location, logistics time process and product inspection reports received by Walmart.”
This represents a huge leap forward in food safety, thanks to blockchain technology. And the gumption to do more doesn’t stop there. As the “French Farms to Chinese Plates,” initiative sees the collaboration of logistics firm ASI, certification body DNV GL, and VeChain to improve food security. According to the People’s Daily:
“Blockchain technology is ideal to ensure that the information collected from production to consumption will not be altered because of its natural properties and can be made available to all.”
The trio hopes to connect French producers to Chinese consumers, who can be assured of higher quality and authentic French produce.
And with VeChain making serious headway in solving real-world problems, the price has experienced something of a renaissance of late.
Today’s price sees VeChain at $0.0064, a 1% gain over the day. Volume is holding firm at around the $110 million mark.
This comes off the backend of a notable upward trend since late October. Back then, the price bottomed out at $0.0029. But a bullish performance has seen a 120% gain.
This has led many to speculate that VeChain, among others, is leading an alt season charge.