APAC Provenance Council will track supply chains on VeChain blockchain

The VeChain platform has joined the APAC Provenance Council consortium, which focuses on the implementation of blockchain andother technologies in the supply chain of the Asia-Pacific region.

APAC Provenance Council has already received millionsdollars to fund supply chain pilot projects in the Asia-Pacific region. The consortium will provide comprehensive solutions for the authentication and tracking of food, wine and other goods using the blockchain.

Particular attention will be paid to the export of goods.from Australia to China, the volume of which reaches $ 76 billion. Mastercard and Alipay Australia will deal with trade finance issues. Supply chains will be tracked through the VeChain public blockchain or the Mastercard Provenance managed blockchain.

Supply chain tracking was keyuse case for blockchain, according to a five-year technology development plan published by the Australian government in February. Additionally, Australia's share of exports to China reached a record 38% in 2019.

Thanks to the use of blockchain, 30% of the amountTransactions can be automatically credited to the company when an entry is made in the register about the customs clearing of deliveries in Australia, another 30% - when the goods go to customs in China, and the rest - upon delivery.

Instant payments can be made throughcrediting to a digital wallet, while with traditional methods, calculations take about a month. VeChain CEO Sunny Lu said the new ecosystem will be extremely beneficial.

“The implementation of the blockchain will certainly contributeto contain the economic impact of the pandemic on enterprises and help increase productivity by leveraging more resources and growth opportunities, ”he said.

In addition to blockchain companies and financial organizationsfood industry companies, standardization agencies, and packaging and labeling services also joined the consortium. Blockchain Australia CEO Nicholas Giurietto supported the consortium:

“National blockchain development plan inAustralia has identified agricultural supply chains as a key area where blockchain and related technologies can transform a country's capabilities. The creation of the APAC Provenance Council is a big step forward that will allow us to advance projects that increase transparency, efficiency and the management of agricultural and other supply chains. ”

Note that the VeChain blockchain is increasinglyused to track supply chains. It was recently reported that Cos, the luxury brand of one of Europe's largest clothing retailers H&M Group, has begun to track the supply chain of its products through the VeChain platform.

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