Being one of the biggest blockchain technology companies globally, VeChain has joined the pet food industry. The pet food industry is a multi-billion dollar business in China, and VeChain is keen to tap into it. The Shanghai-based company is set to improve the pet food industry with its new blockchain-based food tracing. Last month, VeChain revealed a new market plan to revolutionize the pet food industry, and the project is expected to take shape by the end of the year. This comes after years of food tracing problems in the industry.
VeChain’s Traceability Protocol
VeChain plans for an improved, blockchain-based traceability protocol that will help solve the tracing problems. Once they implement this protocol, it will allow pet food manufacturers to fix health and biosecurity problems. VeChain plans to execute this vision based on its three principles: proof of ingredients, proof of origin, and traceability of the whole value chain. Since its announcement, VeChain says more than 50 pet food companies have committed to using their traceability protocol.
The pet food industry is one of the fast-growing sectors in China. In 2020, the industry’s value stood at $1billion, making it one of the biggest industries in China.
However, the pet food industry doesn’t follow any set standards or guidelines despite its high value. This has resulted in massive counterfeit products and mixed quality pet food products. VeChain seeks to address this serious problem through its traceability protocol.
Blockchain Guarantees Quality
Thanks to the three principles, the VeChain blockchain brings transparency and accountability to China’s troubled pet food industry. With its “proof of origin” principle, VeChain identifies the source of pet food. The blockchain also demands that you upload import certificates onto the system to verify ownership.
This will help introduce product integrity and allows consumers to verify various product claims. In addition, the “proof of ingredients” principle determines whether or not manufacturers use quality ingredients. This helps ensure that all pet food products on the market are of high quality. Manufacturers also display their list of ingredients and production processes. By doing so, customers will know the quality of these products.
VeChain Set to Expand
By venturing into the giant pet food industry, VeChain realizes its goal of connecting blockchain technology with real-world applications. Ve Chain continues to grow as its blockchain technology is applicable in more sectors. For instance, VeChain played a vital role in the battle against COVID-19 in China. These real-world applications show the rapid growth of Ve Chain and how it plans to revolutionize the business world.