VeChain, Mastercard and Alibaba facilitate export diversification in Australia
Mastercad and Alibaba are planning to deepen their partnership with APC, according to Australian media reports. The two companies have jointly developed and launched a platform to facilitate the tracking of Food, wine and export products produced in Australia. The platform will track products based on the VeChainThor blockchain and will also use mastercard origin as a transaction verification ledger. Alibaba and Mastercad will develop a VeChain blockchain based platform to authenticate and track supply chains. The platform will use the VeChainThor blockchain to track products and mastercard origin as transaction verification ledger.
The APAC Provenance Council is a consortium for food supply chain and financing in the Asia Pacific Economic Region. Its main objective is to create an efficient intercontinental financial ecosystem. Its main partner for applying blockchain technology is VeChain. The platform will offer financing with Mastercard and Alibaba’s payment system, Alipay, to local farmers and growers to facilitate payment for their production.
Blockchain Australia and the Food Agility
Co-operative Research Centre (CRC) are two bodies that currently support the
APAC Provenance Council. The first of private initiative and the second of
government origin, both bodies aim to use blockchain technology to support
local producers through the APC. Additionally, the APAC Provenance Council
(APC) was able to secure the support of key partners with the endorsement of
the Food Agility CRC. Last week major companies such as Kellogg’s, Mars, Coles,
NAB, JBS and IAG, among others, joined to make a $10 million investment to the
APC to fund VeChainThor-based solutions to reinvent the business model to be
used after the pandemic. Food Agility CRC Chief Executive Mike Briers said:
The big issue in the food industry right
now is the supply chains. The situation with China is making people think about
diversifying their market. The other is the data, showing the provenance of the
product is really important in these sorts of markets. When you put a digital
lens on a supply chain, it allows say a meat processor to provide information
back to the farmer. That doesn’t happen universally at the moment. We want to
work with technology partners and agribusiness partners to allow data to flow
forward and back through the supply chain.
The objective of the platform developed by
Mastercard, Alibaba and based on the VeChainThor blockchain will be exports
between Australia and China. The trade relationship between these two nations
in terms of exports is estimated at $76 billion annually. However, the Covid-19
pandemic and growing political tensions between the two countries could impact
that figure. In that sense, the platform could be a solution to allow Australia
to diversify its exports. APC co-founder David Inderias outlines:
The overall theme of this is making more
resilient export supply chains. One current complexity is COVID. The other is
the economic and political trade circumstances, especially with China.
Resilience for Australian producers means having the capability to cater to
multiple markets. We have been very China-dependent, but maybe we should be
more US-dependent, more Japan-dependent, more Indonesia-focused.
An Australian government roadmap identified
blockchain technology as a core solution to improve the agricultural supply chain.
As such, former Chief for Blockchain Australia, Nicholas Giurietto, praised the
formation of the APAC Provenance Council as an important step forward in terms
of transparency, efficiency and supply chain management in the agricultural
Author : Reynaldo