VeChain, a Singaporean DLT (distributed ledger technology) platform developed to improve supply chain management, has partnered with ASI Group and DNV GL to roll out Foodgates, a food and beverage cross-continental tracking system. The development was announced during the 2019’s International Import Expo in China.
VeChain’s new partners, DNV GL, is a food certification organization, while ASI Group is a supply chain expert. The firm’s COO, Kevin Feng, touted that Foodgates is a unique logistics solution. Not only does it boasts the constancy of a public Blockchain, but it is also supported with verifiable information.
Currently, Foodgates oversees trade and logistics between China and France. However, it has been confirmed during Feng’s speech that the team has already signed a memorandum of understanding (MoU) with the Henan Pilot Free Trade Zone. The agreement gives the latter the power to facilitate the bulk of food products coming from France.
Notably, the main objective behind the collaboration is to provide top of the line food and beverage supply to cross-continental buyers and consumers. Moreover, they would be given a chance to check the safety and quality of the products they receive with the help of a dedicated Blockchain platform.
According to the co-founder of Foodgates, Mathieu Borge, their Blockchain-enabled solution would enhance the transparency and traceability of products circulating in the French-Chinese business-to-business (B2B) market. French producers would be able to deliver their best products to Chinese buyers in a faster and safer manner and vice versa. As Borge placed it, French savors and Chinese taste make a compatible pair.
During his speech, Feng also revealed that Foodgates had been used already by China to import high-end beef from France as part of the preparation for the expo. The China International Import Expo 2019 was attended by dignitaries from different nations, including the President of France, Emmanuel Macron.
However, the announcement from VeChain did not come as a total surprise, as now and then news of Blockchain-related initiative in the country pops out. As noted by industry analysts, the speech given by the Chinese president Xi Jinping about seizing the opportunities brought by Blockchain was considered by his people as a tech go ahead.