The Asia Pacific (APAC) Provenance Council, has adopted VeChain as the sole public blockchain protocol of its consortium to boost its finance and food supply chain in Australia and China.
The VeChain Foundation announced that the initiative would provide relief to the vulnerability encountered in the supply chain industry within the region amid the coronavirus (COVID-19) pandemic.
According to the announcement, the recent development is in line with the Australian government recently published National Blockchain Roadmap, established to explore the pros and cons of using the technology in various industries, including the Australian Agritech and Food industry.
Established to integrate blockchain technology into the finance and food supply chain in Australia and China, the APAC Provenance Council is strongly supported by both government and private institutions, including several global blockchain providers.
Even though VeChain is already an affiliate member of the APAC Provenance Council, the VeChainThor blockchain has been adopted to become the sole public blockchain protocol in the consortium.
VeChain’s Toolchain will help existing members in the consortium to eliminate all trust issues that may arise in any business transaction, which is most likely to occur as a result of multi-party collaboration.
Notably, using VeChainThor as the public blockchain protocol for the APAC Provenance Council would help build efficient, secured, traceable, and trusted trades between Australian suppliers, especially the SMEs and Chinese importers.
Commenting on the development, VeChain CEO and Co-founder Sunny Lu, stated that the firm is always making the implementation of the blockchain technology in various sectors easy for its partners.
“The implementation of blockchain technology certainly contributes to buffering the immediate economic impacts of the pandemic for the enterprises, and will help improve productivity by unleashing more resources and growth opportunities,” Lu added.
This is not the first time VeChain will be adopted to provide efficiency, simplicity, and boost productivity at all levels. Last year, Hegion reported that VeChain Foundation partnered with China’s General Council of Anhui Tea Industry Association, to boost the growth of the tea industry across the Chinese province.