Vechain has entered a new partnership aimed at integrating its blockchain technology within the Chinese agricultural sector to assist with the country’s massive demand for olive oil.
Under a rising tide of light foods and healthier dietary options for China’s burgeoning middle class, a surge in extra virgin olive oil consumption is driving substantial demand for the product.
In a new partnership, Vechain will work with The Olive Times – an upcoming Chinese olive oil firm based in Gansu – in order to unleash the potential of the Vechain blockchain in the sector.
The hope is to demonstrate another viable use case for Vechain’s flexible and cost effective technology.
The goal is to achieve provenance and traceability – something lacking in much of the China’s food production infrastructure.
Extra virgin olive oil represents a significant opportunity, as its legal classification requires the pressing and extraction to take place within 48 hours of harvest.
Vechain’s blockchain will enable The Olive Times to track harvests through the production process, creating a public ledger record of each component step, which can later be checked by the consumer to ensure it is authentic extra virgin olive oil.
The move marks a significant collaboration for Vechain’s BaaS (Blockchain as a Service), and this adoption demonstrates the growing prevalence of blockchain technology in ever-innovative capacities across every sector.
NFT Agricultural Labels
Co-founder and CEO of The Olive Times, Jane Gong, explained the decision to integrate with blockchain technologies was about delivering trust.
“VeChain’s technology raises our prestige as a niche brand by allowing us to communicate with consumers through a QR code or NFC tag,” she said.
“Using VeChain’s flexible and cost-effective technology, everything about our product can be conveyed trustlessly and unalterably.
“This offers a real-time, trustworthy window into our operations for loyal customers and consumers alike.’’
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