COVID-19 has accelerated the need for food companies to build more resilient and transparent supply chains to cope with the challenges from an ever evolving marketplace. It is now more urgent than ever to have the proper framework that would allow for effective collaboration among all stakeholders in the food supply chain. Blockchain technology, known as the “Trust Machine”, is the best choice at hand.
As the world’s leading enterprise-friendly public blockchain platform and company, VeChain officially launches its market ready, blockchain-enabled food safety solution based on its one-stop data Blockchain-as-a-Service (BaaS) platform VeChain ToolChain™.
The solution allows blockchain technology to be deployed in the food sector with the fastest lead time compared with any other platform in the industry. The VeChain ToolChain™ powered Food Safety Solution integrates VeChain’s industry-leading technology and experience with business-ready technical features, solving the most urgent needs for the food industry in this new era.
Blockchainizing The Food Sector In The “New Normal”
Concerns about food safety have been brought to the forefront following the coronavirus outbreak. Consumer behavior changes due to COVID-19 have brought higher demands for safe and traceable food products. According to an IBM study, 71% of consumers are willing to pay an additional average premium of 37% for companies offering full transparency and traceability.
Blockchain technology is well positioned to tackle the current problems as it provides Immutable Trustworthy Data. Immutable trustworthy data is the critical component to allow for transparency, accountability and most importantly trust among all participants within the supply chain from the raw supplier to the end consumer.
Some examples where this can be applied would be in the event of food recall requiring strict data points for compliance or the need for a company to easier manage multiple suppliers through tamper resistant data gathering.
