- Producers market to use VeChain to support inadequately serviced farmers
- Farmers in the Caribbean and Latin America will benefit from this value chain
- StoryBird application, as well as VeChain blockchain, will be used together
VeChain News Today – a united states-based company – Producers Market announced its partnership with VeChain. The company plans to use the VeChain blockchain to support the food production sector.
This collaboration is aimed at tracking farmer’s products in a bid to enhance their export competitiveness. The partnership will focus on farmers in the Caribbean and Latin America for a start. It is done particularly to cushion the effects of the coronavirus pandemic.
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According to a study conducted by the Organization for Economic Cooperation and Development, the agricultural sector in the Caribbean and Latin America accounts for about 23% of the fishing and agricultural commodities exports around the globe. By 2028, the study projects that the regions will account for 25% of the fishery and agricultural exports. This is because it is crucial to maintain the food supply chain around the globe.
VeChain Blockchain to Enhance Food Trade
The main objective of the partnership is the use of the VeChain blockchain to reduce the gap in supply between the producer and supplier caused by the COVID-19 outbreak. The blockchain will be incorporated into the value chain in a bid to empower the farmers. The transparency application “StoryBird” is set to establish direct links between the consumers and the markets.
VeChain ToolChain will drive the application and let all actors in the industry validate product origins and gain access to traceability tools used for delivery. Also, along with the increasing transparency in the product supply chain, StoryBird will let processors, producers, packers, and others in the industry to list product and organization profiles for global market access.
The application will also allow socially responsible buyers to take part. Also, StoryBird plays an important role to enhance the way the farmers advertise. It will allow users to upload pictures and visual media to enable consumers to know its origin and history.
VeChain Tool Helps You Scale Your Business at a Reasonable Cost
The founder of VeChain Sunny Lu spoke about the cooperation and said the company aims to create a standardized tool for enterprises to build as well as incorporate blockchain technology in their businesses. Lu stated that the ToolChain helps farmers to realize the vision and scale the business as a reasonable cost whether it is targeted at small or large companies.
VeChain has been instrumental in mitigating the harsh effects of the COVID-19 pandemic. It has entered several partnerships in the health and agricultural sector to improve service delivery despite the shortage of staff.