The Vechain blockchain continues to be a favorite choice among many businesses across the world with a new report revealing that US-based agritech startup, Producers Market, has adopted the VeChain ToolChain for traceability of agricultural products.
With the on-going COVID-19 pandemic, economic activities have taken a turn from their normal forms, as all aspects of the global economy have been experiencing behavioral shifts, especially for consumers.
The production, sales, and international exports of agricultural products are not an exemption as they are also facing stagnation in terms of growth. Many consumers are now looking forward to digitized platforms to buy their products.
This has opened the eyes of many agritech businesses to adopt a digitized form of trade. They are now digitizing their business from supply chain management to distribution and communication strategies.
Yet, many farmers are unable to take this form, as they do not have enough resources to adjust to the shift in consumers’ behavior. Reports show that Latin America and the Caribbean (LAC) agricultural farmers are primary victims of this unfortunate circumstance.
Using VeChain for fast and secure food trades
It is this problem that Producers Market looks to solve, and the firm has decided to support vulnerable farmers by implementing the VeChain ToolChain to trace agricultural products in order to maintain and improve their export competitiveness in the global marketplace.
Choosing Vechain means the startup will use VeChain to bridge the gap between the manufacturers and consumers through the integration of blockchain technology into the value chain.
Producers Market claims it believes in an agricultural system that fosters trust and integrity, and will use its market linkage platform to prove it. The firm is set to launch an application dubbed “StoryBird,” powered by VeChain.
Once the app is live, it will gather authentic product information and upload it on the VeChainThor blockchain. This will then give agricultural producers, processors, packers, distributors, brands and other added-value stakeholders access to a traceable, visible, and transparent digital marketplace for the agricultural industry.
Per the report, StoryBird will also help farmers to advertise their products through visual media and help increase the number of socially responsible buyers.
Speaking on the new partnership, Sunny Lu, the CEO and co-founder at VeChain was quoted saying:
Positioned as the enabler for our partners, VeChain aims to provide a standardized tool for the enterprises to build and integrate blockchain technology into their business easily. Whether targeted to large organizations or small companies, or even individual business owners, VeChain ToolChain™ helps you realize your exact vision and scale your business with a reasonable cost.
Vechain makes the use of blockchain accessible
Alex Karzag, Producers Market’s Chief Project Officer explained that VeChain is their blockchain of choice because the project has made the use of blockchain technology very accessible for businesses.
“VeChain provides us with a flexible, efficient, easy to use, yet robust blockchain platform. Many of the value chain stories we tell involve multiple stakeholders in multiple locations, using different tools, all with varying levels of technical comfort and budgets. VeChain ToolChain™ made the use of blockchain highly accessible for us with high,” Karzag said.
In line with Karzag’s thoughts, the Asia Pacific (APAC) Provenance Council recently adopted VeChain to provide relief to the vulnerability encountered in the supply chain industry within the region amid the coronavirus (COVID-19) pandemic, Coinfomania reported earlier this month.