VeChain (VEN) is a blockchain that aims to connect to the real world by providing a comprehensive governance structure, a robust economic model as well as advanced internet of things (IoT) integration, and pioneers in real world applications.
VeChain announced the completion of a partnership with China’s second largest food industry company, Bright Foods and its subsidiary, Shanghai Xiandao Foods. Bright Foods is a Chinese foods industry Company which deals with the production, processing, packaging and distribution of food products across the range. The company is owned by the Shanghai Municipal Council (SSCW divisions), a parastatal based in the food business. In 2017, SSCW division pulled in revenues surpassing ¥22 Billion RMB ($3.46 B). Bright Foods made an annual sales revenue of ¥76 Billion Chinese Yuan ($11.94 B) in 2017, as it was listed as one of the top 500 companies in China.
How will VeChainTHOR improve Bright Foods?
“Monitoring the cold-chain supply is vastly vital for Bright Food who deals mostly with milk, dairy products, meats, and seafood; this will increase the safety standards of the company and China as a whole. In addition to the higher degree of control over their processes, Bright Food will be able to offer fair and sincere information to their clientele, strengthening their global network.”
– VeChain official announcement
One of the major technical improvements the VET development team aims to address is the cold chain supply management. The blockchain is expected to improve the efficiency of delivery and handling of the perishable foods while maintaining the highest of standards. The second largest food company in China aims to use VeChainTHOR to reduce its cost of supply of these goods by minimizing the inefficiencies in the supply chain.
Over the course of the partnership with Vechain (VEN), Bright Food will utilize VeChainThor for their supply chain management, data management, as well as explore new products and solutions utilizing cold-chain logistics and development tools for supply chain management. This will enable Bright Food to harmonize their data set, from their various branches, while managing, monitoring, and reporting on live and trust-proof data.
Effect of Bright Foods-VeChainTHOR (VET) partnership
VeChain, through its recently launched VechainTHOR main net, will offer the multi-million dollar company a blockchain system that will ease out their supply chain management and ledger accounting issues in the food industry.
The current big money coming into cryptocurrency industry is having a lasting effect in scaling the number of adoptees of the technology. The partnership between BrightFoods, Shanghai Xiandao Food with VeChain will give the blockchain project team an opportunity to demonstrate the real world use of VeChain to the world. This crypto-practical methodology of gaining adoption helps the whole cryptocurrency industry by offering real solutions to real problems.
Since the launch of the VET blockchain earlier in the month, many of the supporters and critics have come out in praise of the revolutionary decentralized platform. This recent partnership with Bright Foods, aims a new market for adoption of VET coins. The platform offers a new system of internal management to the company. The THOR network will connect the data management, supply logistics and product delivery into one ecosystem to ease out payments and management in the company.