VeChain Targets Multi-Billion Dollar Pet Food Market in China
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VeChain blockchain solutions targets the multi-billion dollar pet food industry in China with new blockchain-based food tracing.
In an announcement today, the China-based VeChain blockchain developers revealed a new market strategy. The network intends to develop blockchain-based pet food tracing systems.
The value of the pet food industry in China for the year 2020 rested just above $1billion. Despite the highly active market, the industry does not follow any unified standards. In turn, this results in mixed standards of food quality and counterfeit pet food brands. However, VeChain seems to have a solution.
VeChain plans for a blockchain-based traceability protocol. When in place, it will allow pet food manufacturers to efficiently troubleshoot issues of biosecurity and health. The developers plan to execute their vision through three main principles: “proof of origin”, “proof of ingredients”, and “traceability of entire value chain.”
Blockchain ensures quality
Through these three principles VeChain brings transparency to a problematic industry in China.
With “proof of origin”, the source of pet food and import certificates should be uploaded onto the blockchain. This keeps product integrity and allows customers to verify product claims.
Meanwhile, “proof of ingredients” validates whether or not manufacturers used high-quality ingredients. Companies can display ingredient list, processing, and assertions of quality and sustainability.
Lastly, the “traceability of entire value chain” ensures the blockchain’s ability to increase efficiency in the entire internal supply chain of the company. This is particularly beneficial in the case of a recall. With higher traceability companies and involved parties can quickly track down problematic batches.
VeChain continues expansion
This latest VeChain venture compliments the company’s mission of connecting blockchain technology with real world applications for businesses. Prior to its expansion into the Chinese pet food market, the blockchain developers played a hand in battle against COVID-19.
Earlier this summer both San Marino and Cyprus based hospitals employed VeChain to issue COVID-19 certificates on their blockchain. The developers also struck a deal with San Marino to incentivize sustainability through crypto payments.
As China pushes pet food regulations and consumer concern rises, VeChain blockchain solutions provide an answer. According to their press release, the developer already engaged various companies within the industry.
The post VeChain Targets Multi-Billion Dollar Pet Food Market in China appeared first on BeInCrypto.
