VeChain (VET), a distributed ledger technology (DLT) platform designed to enhance supply chain management, has joined forces with DNV GL and ASI Group to launch Foodgates, a cross-continental trade and logistics solution powered by VeChain Thor. The innovative solution was unveiled during The China International Import Expo 2019 (CIIE), which was attended by dignitaries from around the world, including French President Emmanuel Macron, according to a blog posti on November 7, 2019.
VeChain’s FoodGates Now Live
Leading blockchain project, VeChain, has introduced a new supply chain management solution dubbed FoodGates.
Launched during the China International Import Expo (CIIE) 2019, the FoodGates solution facilitates the tracking of food products across continents, from their origin to the end consumers.
Through FoodGates, VeChain and its partners aim to provide international buyers and consumers of high-end food and beverage products with a robust blockchain platform that could help them to easily verify the quality and safety of these products.
While the FoodGates solution currently facilitates trade and logistics between France and China, the team has also signed a memorandum of understanding with the Henan Pilot Free Trade Zone (FTZ) to enable it to handle the import of food products from France to the FTZ.
Commenting on the exciting development, Mathieu Borge, Co-founder of FoodGates noted:
“French savors pair well with Chinese taste. Foodgates connects the best French products to Chinese buyers. Our Blockchain solution is designed to bring transparency and traceability to the French-Chinese B2B market, while also enabling French producers to access the great Chinese market faster and safer.”
VeChain Making Steady Progress
Reportedly, the VeChain team took care of the smart contracts, technical support and APIs needed to get the FoodGates solution up and running, while the DNV GL team will ensure that the platform’s rules are defined for all producers and their products and ensure that only accurate data is entered into the VeChainThor distributed ledger.
As reported by BTCManager on November 8, 2019, Binance.US, the United States arm of Binance Bitcoin (BTC) trading venue, has added support for VeChain’s VET token.
At press time, the price of VeChain (VET) sits at $0.005755, with a market cap of $319 million, as seen on CoinMarketCap.