China-based Anhui Tea Industry Association has announced a strategic deal with VeChain blockchain foundation to increase the productivity and efficiency of the industry in all phases of supply chain through strengthened traceability.
With the high level of locals’ engagements in the tea trade, the tea industry targets alleviating poverty in the province with the blockchain technology, and this is in line with the belief of President XI who claims blockchain contributes to traditional economic poverty alleviation.
According to a report published by VeChain Foundation, the collaboration will help augment competition and output in the Anhui Tea industry and thus increase the income of those involved in tea trade. Through this, there will be more economic benefits and increased standard of living.
Also, VeChainThor blockchain solution will enjoy adoption from 670 enterprise and 194 business owners who are members of the Anhui Tea Industry Association.
The deal was announced at an event tagged Forum of Poverty Alleviation in Yuexi County. The Project Director of VeChain, Tian Xinli, presented the different use cases of VeChainThor Blockchain to government officials, industry experts and other attendees at the forum.
The tea industry is regarded as an important sector in alleviating poverty in the region due to the involvement of many locals in tea trade, and it is estimated that the Anhui tea industry will have a gross value of $7.1 billion by 2020, a report by Xinhua news platform has said.
Mr. Xiao, an avid member of VeChain community, helped in augmenting the partnership, and much credence was been given to him for the success attained in the deal.
VeChain foundation said it will continue to promote the adoption of blockchain technology in various sectors of the world through its high standard and valuable solutions.