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VeChain, Mastercard, Alipay participating in Australia-China supply chain consortium, provide Blockchain comprehensive solutions

VeChain, Mastercard, and Alipay are among the few major players backing the new APAC Provenance Council. It has already secured millions in funding for supply blockchain tracking and financing pilots throughout the Asia Pacific region.

The consortium will provide comprehensive solutions by using blockchain

The consortium will provide comprehensive solutions for authenticating and tracking food, wine, and produce using blockchain, with a particular focus on the $76 billion of exports from Australia to China.

Trade financing will be courtesy of Mastercard outside of China, and Alipay Australia for goods headed to China. Products could be tracked using VeChain as the public blockchain or Mastercard Provenance as the permissioned ledger.

David Inderias, the co-founder and CEO of Fresh Supply Co., a core vendor behind the Provenance Council said Mastercard and Alipay enabled the consortium to offer instant payments stating:

“We offer the ability to finance and facilitate payments instantly,” he said. “We can get our clients paid faster, so that means paying by credit. Typically terms of trade are receipt plus 30 days, so it’s exciting to a lot of our clients who can get paid instantly.”

Sunny Lu, the CEO of VeChain (VET) said the new ecosystem will greatly help improve productivity.

He said:

“The implementation of blockchain technology certainly contributes to buffering the immediate economic impacts of the pandemic for enterprises, and will help improve productivity by unleashing more resources and growth opportunities.”

Apart from blockchain and finance companies, the consortium also includes food industry bodies, standards agencies, packaging, and labeling service providers.

The core commercial vendors behind the Provenance Council are all Australian:

  • Supply chain integrations and middleware company Fresh Supply Co
  • CSIRO-backed digital fingerprinting company Laava
  • Provenance authentication outfit Source Certain International

Inderias said FSC already offers blockchain-verified trade financing of $80,000 a week in partnership with Mastercard for a significant Australian dairy exporter and is in the process of integrating one of the country’s largest seafood exporters which accounts for hundreds of millions of exports annually.

The CEO of Blockchain Australia, Nicholas Giurietto, supports the council:

“The National Blockchain Roadmap identified agricultural supply chains as a key area where blockchain and adjacent technologies can transform our national capability. The formation of the APAC Provenance Council is a great step forward that will allow us to move forward with projects that will enhance the transparency, efficiency, and management of agricultural and other supply chains.”

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