Alibaba, global e-commerce giant and MasterCard have teamed up with Blockchain Australia and will soon be releasing a new VeChain-powered platform that will track Australian food and wine exports.
Blockchain technology is the driving force behind this new partnership and development, which will see produce within the international export market be tracked, authenticated and financed from Australian farmers.
By teaming up with MasterCard and Alipay this will ensure that Australian farmers are paid faster and earlier for the produce they produce to the international market.
Chinese Food & Wine Market
The platform and partnership has been initiated in order to be primarily aimed at the $76 billion Chinese food and wine market.
APAC co-founder, David Inderias has commented on the importance of the new technology within the new economic and market ecosystem post Covid-19;
“The overall theme of this is making more resilient export supply chains. Once current complexity is COVID. The other is the economic and political trade circumstances, especially with China.”