300 Italian agricultural companies have adopted VEchain’s blockchain. This follows a development from early June where ICAB La Fiammante, an Italian agriculture company that has been around for 70 years implemented a blockchain traceability solution called “My Story” which was also co-developed by VEchain.
The current development will see around 300 companies, 17 co-operatives and 6 producers implement a similar Decentralised ledger that will track and account for produce mainly in the Italian tomato industry. The main incentive for the industry that sits in a struggling domestic and European economy is the belief that they will be able to guarantee a higher quality of product and therefore gain a higher price for their product while simultaneously working as part of an organised national effort to increase the quality of the “Made in Italy” logo.
I’ll break it down a bit further….
The blockchain will primarily be used as an industry ledger because of the ability to log transactions and data which can be independently verified and never altered. It will record quantity, quality, quality verification, dates, times, sources, origins and destinations among many other things. The belief is that more information on the market about quality, reliability etc for the industry will lead to higher accountability and ultimately a higher quality product yielding higher returns short term and long term.
It is unclear at this stage if they have chosen to adopt VEchains coin in full, in part or even at all as a payment method or storage of value.
Moreover, we can expect to see more companies and industries adopting blockchain solutions especially digital ledger solutions in the future as the industry continues rapid growth. So far, it fair to say that VEchain has found what seems to be some good traction in 2020 and right now is standing as one of the top specialised blockchain technology companies and as of current the price of VEchain’s coin is 1.7c with a market cap of just over $1.1 Billion USD.
Author: Michael Fitzgerald