VeChain Thor (VET), the native token to the VeChain blockchain, is a unique cryptocurrency asset designed to underpin an enterprise-focused system for supply chain management, traceability, and business process solution streamlining.VeChain believes that blockchain technology is one of the foundations for the next generation of information technology, alongside emerging technologies such as AR, VR, AI, IoT, 5G and more. With the technology’s immutable and tamper-proof characteristics, blockchain, as an infrastructural technology, is uniquely positioned to enable unprecedented value and data-transfer among a wide set of users in a trust-less manner, boosting the efficiency and authenticity of information transfer itself.
VeChain’s vision of lowering the barrier and enabling established business with blockchain technology to create value and solve real world economic problems has been clear to us from the very beginning.Provenance for food & beverage
Problem
The food sector is crippled with supply chain inefficiencies, frauds, and scandals. Most of the issues affecting the food industry stem from the inherent lack of trust and transparency within the supply chain. Our food system today fails to meet the transparency and assurance demanded by many consumers.
The World Health Organization (WHO) reports that almost one in 10 people in the world fall ill after eating contaminated food. Furthermore, foodborne diseases mainly affect the health of infants, young children, the elderly, and the sick. Costing the global food industry an estimated US $40 billion each year, food fraud continues to rise among consumers and the industry. In the food safety incidents, the sellers are bearing significant reputational risk because of the fragmented data and systems on the supply chain, making it difficult to establish the accountability.
Solution
VeChain’s provenance solution for food & beverage allows participants on the supply chain to collaborate on a transparent and trusted data platform. By scanning the QR code on desired products, consumers can acquire detailed information secured by the blockchain, including the source and ingredients of the products, geographic location, logistics information, inspection report even temperature data, and the data is time stamped and cryptographically signed by the party who produce the data.
VeChain’s vision of lowering the barrier and enabling established business with blockchain technology to create value and solve real world economic problems has been clear to us from the very beginning.Provenance for food & beverage
Problem
The food sector is crippled with supply chain inefficiencies, frauds, and scandals. Most of the issues affecting the food industry stem from the inherent lack of trust and transparency within the supply chain. Our food system today fails to meet the transparency and assurance demanded by many consumers.
The World Health Organization (WHO) reports that almost one in 10 people in the world fall ill after eating contaminated food. Furthermore, foodborne diseases mainly affect the health of infants, young children, the elderly, and the sick. Costing the global food industry an estimated US $40 billion each year, food fraud continues to rise among consumers and the industry. In the food safety incidents, the sellers are bearing significant reputational risk because of the fragmented data and systems on the supply chain, making it difficult to establish the accountability.
Solution
VeChain’s provenance solution for food & beverage allows participants on the supply chain to collaborate on a transparent and trusted data platform. By scanning the QR code on desired products, consumers can acquire detailed information secured by the blockchain, including the source and ingredients of the products, geographic location, logistics information, inspection report even temperature data, and the data is time stamped and cryptographically signed by the party who produce the data.
