VeChain’s blockchain solution aims at diving into China’s multi-billion dollar pet food industry and offers a new blockchain-based food tracking system.
In the announcement, the Chinese VeChain blockchain developer revealed a new market strategy. The network intends to develop a blockchain-based tracking system for pet food.
In 2020, the production value of China’s pet food industry is just over $1 billion. Although the market is very active, the industry does not follow uniform standards. This, in turn, has resulted in mixed food quality standards and counterfeit pet food brands. VeChain seems to have a solution, however.
VeChain plans to develop a traceability protocol based on blockchain. Once in place, it will enable pet food manufacturers to effectively address biosafety and health issues. The developers want to implement their vision through three main principles: “Proof of Origin”, “Proof of Ingredients” and “Traceability through the Value Chain”.
Blockchain Ensures Quality
Through these three principles, VeChain has brought transparency to this problematic industry in China.
With the “Certificate of Origin”, the certificate of origin and importation of pet food should be uploaded to the blockchain. This preserves the integrity of the product and allows customers to review product claims.
At the same time, the “Ingredient Certificate” checks whether the manufacturer uses high-quality ingredients. Companies can display ingredient lists, processing, and quality and sustainability statements.
Finally, the “traceability of the entire value chain” ensures that the blockchain can improve the efficiency of the entire internal company supply chain. This is particularly useful in the event of a callback. With greater traceability, companies and related parties can quickly track the batches in question.
VeChain Continues to Expand into Different Industry
This latest VeChain joint venture complements the company’s mission to connect blockchain technology with real enterprise applications. Before expanding into the Chinese pet food market, blockchain developers played a role in the fight against COVID-19.
Earlier this summer, hospitals in San Marino and Cyprus used VeChain to issue COVID-19 certificates on their blockchains. The developer has also reached an agreement with San Marino to promote sustainability through crypto payments.
With China promoting pet food regulations and increasing consumer awareness, VeChain’s blockchain solution has the answer. According to their press release, the developer has already worked with many companies in the industry.