Blockchain platform VeChain has announced a partnership with ASI Group to launch the first cross-continental logistics and trades solution within VeChain blockchain solution. The announcement was made today during a joint press conference held by the France China Committee which is an annex of the MEDEF body a leading network of entrepreneurs in France with over 700,000 member firms.
The solution named Foodgates will be the first of its kind and will be fully backed by the VechainThor public blockchain. The digital platform will henceforth be used to enhance French producers and Chinese professional buyers’ relationships.
It will be used to verify and certify information regarding the production and the entire lifecycle of beef products. This begins from the moment of Cow selection to slaughter, packing, processing, and shipping to different restaurants across the world.
Several Firms Have Signed Up For Floodgates Solution In France
Foodgates will be used to manage the supply management of several products including The Concours Général Agricole Paris (CGA), Cochon Paysan, Blason Prestige, Qualité Limousine, and Label Rouge. The solution will allow Chinese buyers of the products to purchase excellent quality french products with full information regarding the origin and process involved in the production.
In addition, french producers will also have greater access to the Chinese markets and can get accurate feedback on the performance of their goods in the market. The partnership with ASI Group will allow VeChain to leverage the firm’s that specialization in logistics, supply chain, and import solutions.
ASI Group provides applications and solutions to firms in over 180 countries. It is envisaged that by partnering with Vechain, the firm will be able to combine its existing solutions and the advantages of blockchain technology.
If this is achieved, Foodgates will be able to reach its aim of becoming one of the world premium blockchain-powered solutions for international buyers of high-quality food and beverage products without compromising product safety.
VeChain To Benefit From The Increased Exposure of Its Technology
VeChain has put a lot of resources to developing its native blockchain and it is regarded as a major player in the supply management sector within the blockchain industry. The blockchain firm stands to gain increased exposure with the new Foodgates initiative, especially by linking the Chinese and French through an authenticated trade.
$24.5 billion worth of French goods were imported into China in 2018, making China the 7th largest trading partner of France. The trade volume between the two sides is said to be above 60 billion U.S. dollars, a French news outlet confirms.
Coupled with the positive gesture President Xi Jinping handed to blockchain technology, VeChian blockchain technology has the potential of facing unprecedented market opportunities in Asia and beyond.