- Foodgates, a global logistics and trading solution on the VeChainThor blockchain, has officially started.
- The software creates an interface between French producers and Chinese buyers.
As Crypto News Flash already reported , VeChain entered into a partnership with the ASI Group at the China International Import Expo (CIEE) 2019 last year to launch a global logistics and trading solution on the VeChainThor blockchain called Foodgates. The aim of the new platform is to monitor the origin of products along the value chain from the first step in production, such as cow selection, to the packaging of the meat and shipping.
At the beginning of Foodgates primarily high-quality beef products are tracked, but other products from the food and beverage industry are also to follow. According to the official press release, besides beef, high-quality children’s milk is one of the first 10 officially tracked products. The goods come from France and are exported to China, so that market participants from both countries are linked.
All products are tracked on the VeChain Thor blockchain in real time and stored unchangeably. By scanning a QR code on the packaging of the products, Chinese buyers can read out all important information such as the production location, date or weight and validate the authenticity of the products.
— Foodgates En (@Foodgates_EN) November 12, 2020
More than 12 global companies from France have already joined the platform, and many more are in the pipeline, according to the announcement. China is France’s seventh largest trading partner and imported goods worth more than $ 30 billion last year. The bilateral trade volume reached a record high of USD 100 billion in 2019. Furthermore, the interest of the Chinese in high-quality goods from France has increased by more than 24.5% to a volume of more than USD 100 billion compared to the previous year.
In view of this, Dov Chreky, CEO of the ASI Group and Co-Founder of Foodgates, explained that the current economic developments worldwide need new innovations such as Foodgates in order to be able to satisfy the needs of all actors involved in the process:
The events of the past twelve months have definitely accelerated the international trade revolution and this has proven that Foodgates is on the right track. The global pandemic, closed borders and the inability of buyers to physically meet producers are all elements that underscore the need to invent a new model.
Zhang Wei, CEO of the French company ” Les Maîtres laitiers du Cotentin ” and partner of Foodgates, stated that the blockchain will monitor all steps of milk production in a forgery-proof manner:
Thanks to the Foodgates blockchain ecosystem, by simply scanning the QR code printed on the carton, we can track all phases of milk production, from processing into finished products, from storage and transport from France to China, to delivery to consumers.
VeChain cooperates with the Chinese government
Just two days ago it became known that VeChain had entered into a partnership with the Chinese local government from Hubei to develop a platform for the public health system. As the VeChain Foundation states, this will make a significant contribution to stimulating the economy after the pandemic.