VeChain announces the launch of FoodGates, a blockchain-based cross-continental logistics solution.

VeChain has announced a partnership with logistics group ASI Group and existing partner DNV GL to launch a food tracking initiative on the blockchain. Known as FoodGates, the project will be powered by the public blockchain VeChain Thor.

The announcement was made by VeChain at the 2019 China International Import Expo (CIIE), where French President Emmanuel Macron and Chinese President Xi Jinping were also in attendance. According to a report by Crypto Briefing, the expo was a significant initiative by the Chinese government to firmly support trade liberalization and economic globalization, actively opening up the Chinese market to the world. Per VeChain's announcement, FoodGates is the first cross-continental, end-to-end public blockchain implementation for tracking food throughout the entire supply chain journey. It will cover the entire life cycle of beef production, from cow selection, slaughter, packaging, transportation, to the final restaurant. Xi Jinping presided over the opening ceremony of the event, while the French President attended the visit as part of his official state visit to China. During the three meetings, the two parties reached a $15 billion economic and trade agreement. Mathieu Borgé, co-founder of Foodgates, commented on the collaboration: "We know that traceability and authenticity are crucial for food and beverages. Our blockchain-based platform aims to bring transparency and traceability to the French-Chinese B2B market, enabling French producers to enter the Chinese market faster and more securely." China is an important trading partner for France, with bilateral trade exceeding $60 billion annually. This figure is currently growing at a rate of approximately 15% per year. Given that agricultural products are a major product in bilateral trade, VeChain's supply chain tracking will have significant potential in this area. On October 24, 2019, Xi Jinping publicly emphasized the importance of blockchain in technological innovation and industrial transformation. He claimed that China will become a major supporter of global blockchain technology and will integrate blockchain technology throughout its economic development process. **Related Reading:** - Shanghai Government Collaborates with 6 Banks to Establish Blockchain Trade Alliance - B-LABS Launches Fintech White Paper Project to Fully Support Industry Healthy Development Join now to get the most comprehensive information on fintech, blockchain news, and industry examples!