In any discussion of problems in tea supply chains, authentication, transparency, worker rights, farmer payments, or safety, the answer will include “blockchain,” followed by the question “When?”
The Chinese firm VeChain is a strong contender for making the answer “now.”
Blockchain is the technology platform for bringing together any and every transaction record within a trade complex – industry, consortium, supply chain, payments system. It’s very secure, tamper-proof, comprehensive and easy to access for registered parties.
The technology base is proven and stable. IBM is a technology leader with its Hyperledger Fabric platform that is the base for a range of collaborations. Microsoft is extending its Azure toolkit for blockchain app and service developments. Blockchain has moved far from its Bitcoin cryptocurrency origins. More and more leading firms are implementing more and more collaborative initiatives.
VeChain is emerging as a strong player across these and has announced supply chain management as a major target for innovation. Examples of projects are:
A food safety platform for Walmart;
BMW’s parts traceability and digital passport verification of individual vehicle mileage and maintenance;
Mustang Chain, a blockchain for the equine industry that focuses on fraud prevention, validation of medical and breeding data and assistance in connecting owners and insurers; and
The ongoing development of the Yunnan Puehr Traceability Platform.
Together with its strengths in cryptocurrency, the original base for blockchain technology, smart wallets, and digital asset management, this all adds up to a rich base of experience, alliances, and industry expertise. That very much includes tea. The most recent initiative indicates another major VeChain strategic advantage: the active support of the top levels of China’s government as a key national resource in its many plans to position the nation as a global technology leader.
The VeChain-Anhui Tea Industry Association alliance is part of President Xi Jinping’s commitment to blockchain. In an October 2019 speech, he reiterated the opportunities this technology offers, with the specific target for Anhui tea being poverty alleviation.
The government has picked out VeChain and its VeChain Thor platform as core to smart city developments, smart agriculture, blockchain trade exchanges, and e-government.
With strong and formal government partnering in its national development plans, as one commentator observes VeChain is China’s blockchain. It may well be tea’s blockchain, too.