- Mastercard and Alibaba to use VeChain to track wine exports and food
- Both firms will develop a VeChain-based platform for their latest endeavor
- The platform will use VeChainThor to track products and Mastercard Provenance to verify transactions
VeChain News Today – Mastercard and Alibaba will tighten their partnership with the APC (APAC Provenance Council) by joining forces to develop a platform that will track food, and wine exports in Australia. The new platform will be based on VeChainThor for tracking products. It will use Mastercard Provenance for transaction verification.
The APAC Provenance Council is the entity behind food supply and financing in the Asia Pacific Economic Region. The organization’s primary goal is to set up an efficient intercontinental financial space. VeChain is the key partner for Blockchain technology for the APAC Provenance Council. The platform will finance the endeavor with Alibaba and Mastercard’s payment model to local farmers to facilitate their payments for production.
VeChain, Mastercard and Alibaba to Implement Export Diversification in Australia
The objective of the platform is to tackle exports between Australia and China. The trade relationship between the two countries in exports raises $76 billion per annum. However, the coronavirus pandemic and political tensions between both countries could harm that figure. The new platform could be the solution that allows Australia to diversify its exports.
One Australian government roadmap has identified Blockchain technology as the core solution that will help to improve the supply chain in agriculture. No wonder, Nicholas Giurietto, the former Chief for Blockchain Australia, commended the formation of the APC describing it as an important step towards better transparency and efficiency in supply chain management in agriculture.
Blockchain Australia and the Issue of Food Agility
According to the CRC (Co-operative Research Centre), there are currently two bodies that support the APC. The first is a private initiative. The second is of government origin. The two entities aim to use Blockchain to help local producers through the APAC Provenance Council. Additionally, the APC managed to get support from two key partners after its endorsement the Food Agility CRC.
In the past week big guns like Kellogg’s, Mars, IAG, Coles, NAB, and JBS among a host of others, collaborated to invest $10 million to the APAC Provenance Council to fund several VeChainThor-based solutions that will help to invent a better business model for life after the pandemic. According to the Chief Executive of the Food Agility CRC, Mike Briers:
“The ongoing issue in the food sector is affecting supply chains. The situation between Australia and China is making people consider diversifying their market. Another issue is that of data because showing the provenance of the product is an important ingredient in this market.”