The original article was officially published on ChinaNews. We made a translated version for the VeFam.
During the recent ‘China International Fair for Trade in Services 2021’, PwC China unveiled its low-code digital service platform Air Trace. During the presentation, it was revealed that Air Trace would be powered by smart contract platform, VeChain.
Air Trace is PwC’s new, innovative low-code digital service platform that utilises blockchain technology to drastically enhance their service offerings and help enterprises begin their digital transformation journeys.
According to PwC, the solution is built on “Digital Maker”, a low-code platform developed by the PwC China team that promises to accelerate innovation and application software development while offering the advantages of flexibility, efficiency, connectivity, security and compatibility.
It should be noted that Air Trace can also be used to assist enterprises in strengthening their ESG commitments and reporting efforts.
“Today, a new wave of digitalization is sweeping the world. The digitized economy is the future of global development” said Zhou Xing, North Markets Leader, Beijing Office Lead Partner, Insurance Industry Leader and Diversity Leader, PwC China.
“New business models are emerging that require the integration of emerging digital technologies and deliver the transformation of traditional industries and redefine industry rules and value chains”.
CY Cheung, Fintech & Cybersecurity Service Partner at PwC shared further details about the new internally developed PwC product, going on to discuss how Air Trace had been integrated with VeChain’s smart contract and digital transformation solutions. PwC’s new platform will help enterprises quickly build core digital functionality and accelerate the development of China’s digital economy which has become a national focus.
The release of Air Trace helps enterprises overcome the hurdles associated with public blockchain deployment which include a high technical threshold, high cost, long lead times and low efficiency. The drastic reduction in cost, time and effort afforded by Air Trace allows enterprises to focus on business operations and innovation, rather than becoming entangled by the development of blockchain technologies.
A leading Fortune 500 company, well known in the retailing industry, has already adopted and developed the solution to establish its own food traceability platform. Built and deployed within a month, live and running at commercial scale, this platform records data from throughout the food production cycle, processing, transportation and sales of products, enabling oversight of the entire history of a product from source to consumer.
In June this year, Air Trace was selected as a finalist in the G20 green and sustainable finance challenge. It was the only Chinese team among the 21 finalist teams.
As a mature, scalable and commercially proven and smart contract platform, VeChain’s versatility continues to bring industrial interest in its toolkits. We look forward to helping drive the mass adoption of public blockchain technologies.