VeChain News Today – Headlines for September 18

  • VeChain offers its services to 130 firms in China
  • The Network intends to help build a farm to table traceability model in China.
  • VeChain’s food traceability platform is being used by firms in multiple sectors

VeChain News Today – the VeChain Foundation has landed a new milestone after it joined the CAFA (China Animal Health And Food Safety Alliance). According to the announcement, the VeChain will function as the sole public Blockchain provider in the alliance. It will also provide technical support. There are over 130 firms in the alliance. The supply chain tracking protocol VeChain has now partnered with its first alliance member. The alliance member will use the ToolChain solution. The report also revealed that more members are expected to join.

VeChain Intends to Help Build a Farm to Table Traceability Model in China

According to reports, the CAFA (China Animal Health And Food Safety Alliance) currently uses VeChain’s Food Trust Traceability Program. Cargill, the U.S. poultry producer announced in June that it was using QR codes in the tracking of “Chicken 2.0” in China on the CAFA. It uses the QR codes to give consumers information about the different stages of production including farm, hatchery, production, and environment data. This also includes all certifications and test reports. VeChain revealed that it plans to use its ToolChain offering to help the CAFA build a farm-to-table traceability model in China. It will achieve this by building on the current existing Food Trust system. According to VeChain:

“All members of the alliance will have the capacity to log in the key processes of food production onto the Blockchain. They’ll do this in an immutable and more secure format. Inevitably bridging the trust between users and enterprises.”

VeChain’s Food Traceability Platform is Being Used by Firms in Multiple Sectors

VeChain stated that:

Traceability can begin from cultivation, processing, and packaging, to logistics, retail, and more. By offering traceability platforms for alliances like CAFA and similar collaborators, the VeChainThor network will be used by many businesses without the need for VeChain to approach them individually.”

The traceability platform implemented by VeChain for food and regular commodities is currently being used by firms like Walmart China, BMW, BYD Auto, Haier, and H&M plus numerous other firms. The protocol has a partnership with the auditing company PwC and the accredited registrar DNV GL.

This platform uses the proof-of-authority consensus (which paves the way for fast and low-cost remittances at the expense of decentralization) with only 101 authority nodes. These nodes are controlled by both corporations or individuals. They hold at least 25 million worth of tokens to validate transactions and carry out block production. Data given by VeChainStats shows that as of September 16, there were over 150,000 data clauses on VeChain Thor’s mainnet. 64.3 billion VET tokens were in circulation as of that date.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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