VeChain [VEN] is currently at the 15th position on the market list and is trading at $4.63. It has a promising technology which has turned the eyes of many companies towards it.
VeChain signs a partnership with Bright Foods [Group] Co. and Shanghai Xiandao Food, a significantly owned subsidiary of Bright Food which is an owned subsidiary of the Shanghai Municipal Government. This deal integrates VeChainThor Blockchain throughout Bright Food’s supply chain management and data management systems, in which they control the entire lifecycle of their product lines from crop to retail.
Bright Food is a global company, operating among 93 different Chinese domestic and foreign subsidiaries with four publicly listed companies that bring in ￥160 billion [~$25.3 billion] approximately.
In accordance with the focus given to blockchain for China’s current Five-Year Plan, VeChain’s cold-chain logistics and supply chain management platform is set to revolutionize the way state-owned and multinational enterprises conduct honest business across their entire supply chain.
The deep integration and collaboration across industries, service fields, and data sets enables a supply chain ecosystem for complex business processes to thrive. The use of IoT within cold-chain logistics allows providers to ensure the safety and quality of their products in real time. It also empowers new metrics to be verified, audited, and secured leading to new functionality and means of efficiency within businesses’ supply chain.
The company signed a deal with VeChain Foundation with the intent to integrate the VeChainThor Blockchain technology to the core of Bright Food’s supply and processing chain. Shanghai Xiando Foods will also collaborate with VeChain to research further uses of blockchain technology and cold-logistics solutions.
Bright Food is wholly owned by the Shanghai Municipal Government and is mostly a food and beverages manufacturing company, operating worldwide.
The original Bright Food brand was established in 1950 by Jiang Zemin, former President of China. It will be designated as the Chinese national food brand. Bright Food is the second largest food company in China behind COFCO. The revenue of Bright Food Group is estimated in 2017 to be over ￥160 billion [~$25.3billion].
Bright Food Group controls the entire lifecycle of its product lines. The group owns agricultural suppliers, processing factories and distribution points all over China. Bright Food is also invested in various multinational companies such as Manassen Foods, Tnuva, Società per Azioni Lucchese Olii e Vini and operates among 93 different Chinese domestic subsidiaries, including 4 publicly listed company subsidiaries.
Over the course of the partnership with VeChain, Bright Food will utilize VeChainThor for their supply chain management, data management, as well as explore new products and solutions utilizing cold-chain logistics and development tools for supply chain management. This will enable Bright Food to harmonize their data set, from their various branches while managing, monitoring, and reporting on live and trust-proof data.
In addition to the higher degree of control over their processes, Bright Food will be able to offer fair and sincere information to their clientele, strengthening their global network. The power of VeChainThor continues to grow by drastic measures and has solidified itself as the leading global enterprise public blockchain platform.
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