VeChain, together with Avery Dennison Intelligent Labels,showcased various advanced "Blockchain + IoT" solutions in front of enterprise attendees around the globe.

The Challenge Of Food Industry In COVID19 Era

Behavioral changes that have arisen due to COVID19 have brought higher demand for safe and traceable food on ecommerce platforms and raised public awareness of health and safety in general. According to an IBM study, 71% of consumers are willing to pay an additional average premium of 37% for companies offering full transparency and traceability. While the food supply chain is one of the most complex and fragmented supply chains, 70% of firms have "visibility gaps" between the initial supplier and internal clients' systems.

Under such conditions, end-to-end visibility within the supply chain should be a top priority for businesses seeking to build trust with consumers, where blockchain and IoT will make a major impact. According to a recent report by Cointelegrah Consulting, "Blockchain + IoT" solutions could save more than $100 billion for the global food industry annually.

Blockchain is expected to support 10% of the total food industry products tracked globally by 2023.. Real-time traceability could be achieved with the combination of data from IoT devices and blockchain technology.

Avery Dennison + VeChain Showcasing ToolChain Enabled Solution

Guided by the vision to solve real business needs, VeChain has developed the capability to provide business-oriented technology for enterprises of any size or scale. Through built-in food traceability templates and customizable tools, the one-stop data BaaS platform VeChain ToolChainTM can be implemented almost immediately into existing supply chains of all types of food manufacturers, suppliers and retailers.

Products that include fresh produce, dairy products, vegetables, imported food and more can be tracked using the VeChainThor public blockchain with minimal technical development and implementation efforts.

As one of the largest global packaging solution providers, Avery Dennison pioneers in IoT solutions that connect the real products with digital identities.

By integrating Avery Dennison's smart label products and solutions with VeChain ToolChainTM, the advanced Blockchain + IoT combination can effectively enable the food company to realize transparent end-to-end digital lifecycle management for products. This in turn makes the food supply chain smarter allowing for more valuable connections to be cultivated and increased trust between consumers and brands.

Moving Forward With Value-Driven Digitalization Using Blockchain

The silver lining to the new normal in the COVID19 world is that it brings new opportunities and demand for more transparent and efficient solutions, accelerating the need for digitalization. Disruptive technology like blockchain and IoT will be the most critical "accelerator" for the food industry.

VeChain, together with Avery Dennison Intelligent Labels will be committed to collaborating with partners to provide full value chain digital solutions from assessment, consulting, integration and implementation to optimization services, helping food enterprises of different development stages and sizes to easily commence their digital transformation.

About VeChain

As a leading enterprise friendly public blockchain platform, VeChain began in 2015 and aims to connect blockchain technology to the real world by providing enterprises with blockchain solutions suitable for their business needs and to build a trust-free and distributed business ecosystem platform for business value. With VeChain ToolChain, a one-stop data BaaS platform, VeChain will continue to promote the large-scale application of blockchain technology, help enterprise clients in digitalization transformation, and eventually realize the long-term vision of enabling the real economy.

VeChain is the pioneer of real-world business applications, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Beijing, Paris, America, Italy and San Francisco. With strong independent development capabilities, and the professional compliance guidance of our strategic partners, PwC (one of the world's top four accounting firms) and DNV GL (a leading global assessment and certification society), VeChain has established partnerships with many leading enterprises in various industries, including Walmart China, Bayer China, BMW, BYD Auto, PICC, H&M, ENN, Shanghai Gas, LVMH, D.I.G, ASI etc.

For more information, please follow Twitter @vechainofficial or visit the official website http://www.vechain.com

About Avery Dennison Intelligent Labels

Avery Dennison is a global materials science company specializing in the design and manufacture of a wide variety of labeling and functional materials. The company's products, which are used in nearly every major industry, include pressure-sensitive materials for labels and graphic applications; tapes and other bonding solutions for industrial, medical, and retail applications; tags, labels and embellishments for apparel; and radio frequency identification (RFID) solutions serving retail apparel and other markets. Headquartered in Glendale, California, the company employs more than 30,000 employees in over 50 countries. Reported sales in 2019 were $7.1 billion.

As the world's largest UHF RFID partner, Avery Dennison Intelligent Labels brings advanced efficiency, reliability, and accuracy to our customers' global supply chains with our industry-leading solutions and technologies. When businesses choose to work with us, they get a partner with deep understanding of what it takes to make each and every RFID application successful, and access to experienced engineering and technical resources; advanced research and testing capabilities; and most importantly, our field-proven inlay products.

More information: rfid.averydennison.com

SOURCE VeChain

https://www.vechain.com

Originally posted here:

VeChain And Avery Dennison Intelligent Labels Showcase The Joint Blockchain Enabled Food Supply Chain Solution on IOTE 2020 - PRNewswire