The outbreak of Coronavirus infection all across the world has made it imperative for every food company to develop more resilient and transparent supply chains for coping with the challenges that are currently prevalent in the marketplace. It is now of the utmost importance to build a framework for efficient collaboration among the shareholders of the food supply chain. At present, the most effective tool for the development of a successful framework is Trust Machine, the mechanism driven by the advanced Blockchain Technology.
At Shanghai, China, VeChain is the foremost enterprise-friendly public Blockchain-powered platform. VeChain has recently launched a Blockchain-driven food safety solution, ToolChain. ToolChain is based on the Blockchain-as-a-Service mechanism and is a market-ready solution for food supply chains across the globe.
ToolChain enables the deployment of Blockchain Technology in the food sector with the fastest lead time in comparison to the other platforms in the industry. ToolChain integrates seamlessly with the advanced technology of VeChain. It harnesses the business-ready technical features of the company to resolve the most urgent demands of the food industry amid the pandemic.
The change in consumer behavior due to the spread of infection is characterized by an increase in the demand for safe, traceable, healthy food products. According to the research report of IBM, almost 71% of the consumers are ready to pay an additional premium cost of 37% on average to the companies that offer traceability and transparency.
Such consumer behavior changes can only be addressed by blockchain technology. The immutable trustworthy data provided by Blockchain technology will be able to resolve the current problems of food safety in the industry. Immutable trustworthy data is the crucial factor that ensures accountability, transparency, and trust in the food supply chain from the suppliers to the consumers.
Launched by VeChain as a high-powered solution of food safety in the food supply chain, ToolChain is known for its low cost, high standardization, and flexible payment methods. Moreover, ToolChain also provides a set of white-label services and customizable tools for food consultant companies. The companies acquire the offers of VeChain ToolChain for the implementation of food safety management for their clientele.
VeChain ToolChain’s primary value proposition for food businesses is the enabling of public enterprises to launch and complete the Blockchain Proofs-of-concept more effectively. ToolChain seeks to offer a variety of adequately verified traceability templates to the food industry enterprises so that the consumers can be assured of origin traceability, full-process traceability, cross-border traceability, and more.
The second value proposition is the facilitation of large-scale Blockchainization faster and more cost-effectively. The user-friendly and customizable tools of ToolChain can be employed by food supply enterprises to reduce project lead time, attain more scalability, and curb the cost of development too.
The third value proposition is to improve brand value and enhance the confidence of the consumers on food products. The fourth one is to launch brand new business values with the help of the new data obtained from the Blockchain-driven platform.