Among the list of 17 UN Sustainable Development Goals, four of them perfectly align with the capabilities of our technologies. Those are: Good health and well-being, sustainable cities and communities, clean water and sanitation and affordable clean energy.
VeChain’s blockchain technology acts as a powerful enabler for sustainability focused goals, offering rapidly deployable solutions, transparency and creating accountability where there has previously been none. Thanks to many years spent developing and driving our disruptive technologies, we are proud to be able to boast significant successes in helping major bodies achieve food safety and driving greater equity across the planet.
Today, on World Food Day, we look forward to the many opportunities that lay ahead for transformative possibilities at the community, enterprise and national level.
Public blockchain is fundamentally a technology of trust. By allowing all participants in the network to rapidly share information in a trustless manner, the benefits are compounded.
By logging data on a public blockchain platform and, critically, employing the data quality assurance services of global certification bodies, VeChain is able to remove concerns of data tampering and lower the risk of safety error throughout the entire supply chain.
Impactful events such as foodborne illness caused by bacteria, chemicals, viruses, parasites and toxins can be significantly lessened and product recalls more effectively targeted, minimising food waste. VeChain’s experience working with clients such as Walmart China and its subsidiary, Sam’s Club, also extend to massively enhancing workforce efficiency. With the information from suppliers trustlessly recorded by VeChainThor, Walmart China spends significantly less time and money on inventory while reducing the time to track a given item from 26 hours to just 10 seconds. This efficiency gain, to the tune of multiple orders of magnitude, is tremendously significant for the commercial world.
Blockchain works by creating a layer of trust between market actors without the need for an intermediate authority — the possibilities are huge. Blockchain creates, for example, a new kind of payment method that makes supply chain finance more efficient at a whole new level. The APAC Provenance Council That VeChain joined in 2020 enabled all B2B payments for China-destined trades from Australian food suppliers to receive milestone-based payments upon meeting the first milestone of delivery terms. What this means in practical terms is that a supplier can be paid in 2 hours of shipping a certain good vs the many weeks of traditional finance.
On the other hand, blockchain enables smaller market participants to independently keep transparent records of transactions and facilitate new kinds of collaboration. Our partnership with Producers Market and Anhui Tea Association exemplifies this, supporting local farmers and providing direct rails from consumer to producer while tangibly improving competitiveness in their respective industries.
Sustainability is an extremely urgent and universal concern, even in the technology sector. Recognising this, and to really drive the development of sustainable blockchain to the next level, VeChain has been tirelessly developing new green technologies as part of its service offerings.
Alongside our devotion to leading the mass adoption of blockchain technology across various global industries, we are also focused on how our solutions can ensure a more responsible, sustainable and efficient future for all of humanity. The recent analysis of VeChainThor’s green gas emissions exemplifies our approach to efficiency and desire to drive effective progress one step at a time, starting with the tools themselves. By ensuring the green credentials of our technology, we provide enterprises the most efficient and practical starting point for their sustainability journeys.
When it comes to global food safety and beyond, VeChain continues to address critical challenges and real-world concerns alongside key channel partners. DNV and PwC, whose world-leading expertise has been invaluable in helping us grow among their extensive client networks, are two of the most notable examples.
Reviewing the full breadth of challenges that lay ahead, it is clear there is still tremendous scope to innovate and stimulate new ideas. As the world’s leading enterprise-grade public blockchain, VeChain will strive to fulfil that function and continue delivering trust, openness and transparency to the global food industry and beyond, for many years to come.