VeChain launches an international food tracking system, Foodgates. The VeChain Thor blockchain is going to be its basis.
VeChain presented its new project Foodgates. It enables food tracking on the blockchain. The company announced it during the China International Import Expo (CIIE) 2019, the attendees of which included presidents of France and China.
Emmanuel Macron, the president of France, arrived in China to discuss diplomatic relations between the countries. And according to VeChain, meat delivered from France via the Foodgates blockchain platform was served at a diplomatic presidential dinner.
“It is the first of its kind solution as it is powered by a public blockchain with verified and certified information of the full lifecycle of the products being tracked, such as from cow selection, slaughtering, packing, cross-continental shipping all the way to restaurants for beef products,” the company says.
As a result, many French companies are using Foodgates. These are Concours Général Agricole Paris (CGA), Cochon Paysan, Blason Prestige, Qualité Limousine and Label Rouge. This project will allow the Chinese to buy goods from France. They will also be able to track all the information about goods origin.
What is VeChain Thor?
VeChain Thor is a Blockchain-as-a-Service company. It aims to create a “reliable and distributed business ecosystem. And get a transparent flow of information, effective collaboration, and high-speed value transfer.”
The project started in 2018. It has attracted a lot of large scale customers. These include the luxury goods industry, agriculture, logistics, food/medicine production, and government. Many of them already use this blockchain technology.
So, the platform offers a lot. And with this technology, customers can track products in the supply chain, verify the authenticity and quality of products.
The system consists of two key elements:
- Smart chips to label products, which allows identifying a specific unit of goods;
- Blockchain database with information on each product.
Thus, VeChain Thor uses two coins:
- VET – for contract settlements.
- THOR – needed to run applications and smart contracts. And the VET owners get THOR in proportion to their savings.
Recently, Altcoin Buzz advised about the VeChain and Penfolds partnership.