Sunday, 18 August 2019

VeChain Demos Blockchain Solutions at China Import Expo

VeChain, a supply chain-oriented blockchain, demonstrated several upcoming blockchain solutions this week.
Key figures from VeChain and its partners attended the China International Import Expo this week, which ran between November 5th and 10th.

At the expo, VeChain presented a variety of blockchain applications, including solutions for carbon sustainability, food management, vaccine traceability, and cold-chain logistics. The booths presenting these solutions were visited by delegates from several different countries that export goods to China.

VeChain Carbon Credits

One highlight of the expo was the Digital Carbon Ecosystem, a carbon emission reduction model from DNV-GL and VeChain. Like many other reduction models, it makes use of carbon credits to offset environmentally harmful practices. However, the Digital Carbon Ecosystem uses blockchain-based smart contracts in order to keep carbon credit accounting transparent and reliable:

“The model of redeeming carbon credits is not new, but the reliability and transparency offered by the blockchain can let these companies, partners, and individuals trust the ecosystem as they join in together.”

VeChain also announced that individuals will be able to collect carbon credits by taking part in low-carbon footprint activities, such as driving electric vehicles, riding public transport, and using clean energy. The companies behind these products and services will offer their customers credits, which can be spent on other products and services.

VeChain’s efforts to reduce carbon emissions are an ongoing process: the blockchain also recently partnered with natural gas companies to reduce carbon emissions, a solution which was announced last week.

Food Supply Chain

Another prominent project involves management of the seafood supply chain. China’s growing middle class has increased the country’s demand for seafood, and VeChain’s blockchain will be used to ensure the quality and safety of seafood imported from Norway. Delegates from the Norway Embassy and the Norway Fishery Trade attended the expo and visited the project’s booth.

Finally, the multinational food manufacturing company Bright Food revealed a system called Bright Code, which uses the VeChain platform to provide a consumer confidence index. Bright Food will collect data throughout the life cycle of their products, ensuring that they are providing products and services that customers can trust.

China and Imported Goods

All of these solutions and applications are coming to China, which has a growing middle class and is experiencing an increasing demand for foreign products. As the post notes, China is transitioning “from the world’s workshop to the world’s market” and is importing more goods and services than ever before.

During the expo, Chinese President Xi Jinping announced that China is expected to import $40 trillion worth of goods and services over the next fifteen years. VeChain and its blockchain solutions will certainly play a part in building an effective supply chain for those products.

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