Blockchain Making Food Safe
Founded in 2015, VeChain is one of the earliest companies to take blockchain to enterprise. They focus on solutions that will help companies automate many of their manual operations. VeChain has recently released their solution for food safety under their ‘Tool Chain’. Tool Chain is a one-stop Blockchain-as-a service (BaaS) platform that offers companies efficiency in their logistics. Their new solution will allow faster tracking and lead time in the food supply chain.
Due to recent events, consumers are weary about who handled their food before them. A recent study by IBM has found that 71% of consumers are willing to pay an additional average premium of 37% for companies offering full transparency and traceability. This along with other characteristics like, humanitarian, ethical and environmental friendly foods are increasingly sought after. Because the blockchain runs on Immutable trustworthy data, it’s the best solution to managing delicate cargo like food and medicine. This will provide transparency, accountability and trust among all participants, from the raw supplier to the end consumer.
VeChain is a promising company with many partnerships and collaborations. To name a few of these alliances Wal-Mart, PwC, DNV GL, and Deloitte. VeChain works with various industries including auditing, insurance and financial services. VeChain’s token, under the symbol VET, has a market capitalization of $1.2 billion with a 282% increase in the last year.
