Chinese coffee brand Yongpu Coffee is looking to carry out channel surveillance and commodity traceability as it leverages the VeChain blockchain.
Besides finance, blockchain has introduced crucial improvements to several industries. These improvements often address concerns in areas of transparency and immutability. Firms have deployed blockchain tech to enhance transparency from the music industry to the diamond industry.
Prominent Chinese coffee brand Yongpu Coffee is looking to leverage the nascent blockchain technology in the surveillance of distribution channels in coffee production and commodity traceability. The firm will be utilizing the VeChain blockchain in this regard.
Notable VeChain influencer Eisenreich revealed the exciting development on Twitter in the early hours of Thursday. “Yongpu, a leading domestic boutique coffee brand, has reached a cooperation with VeChain Technology to carry out commodity #traceability and channel management for its entire line of products,” they noted in a tweet, sharing several shots of further details.
VeChain x Yongpu Coffee ☕️
“Yongpu, a leading domestic boutique #coffee brand, has reached a cooperation with VeChain Technology to carry out commodity #traceability and channel management for its entire line of products.” 🤝#VeChain $VET #Blockchain #Tech #Business pic.twitter.com/eKgKpSbKI9
— eisenreich (@eisenreich) October 27, 2022
According to multiple reports, the coffee industry in China has witnessed massive growth, with a current scale of 100 billion yuan. This is projected to surpass 1 trillion yuan in 3 years. As the industry grows, it has welcomed new brands with growing competition.
Consequently, any chance to stay ahead is readily taken by any brand, including an opportunity to foster greater brand transparency.
According to the founder and CEO of Yongpu, Hou “Tiepi” Yongpu, coffee brands will only get greater bragging rights when the supply chain and the raw materials for production are in their own hands. This can, in turn, be actualized through a solid supply chain resulting from proper channel surveillance.
Yongpu plans to use the VeChain blockchain in its renewed interest in effectively monitoring the production channel of its products – from the collection of the coffee beans to the final production stage. Yongpu’s efforts to effectively surveil the distribution channel stem from a desire to enforce a solid supply chain.
“In order to further improve the downstream of the supply chain and strengthen the management of online and offline sales channels, Yongpu uses VeChain blockchain technology to effectively monitor each channel,” the brand says.
Yongpu will use the VeChain network to track its products’ production, warehousing, distribution, logistics, and transportation. In addition, the brand will also collect data on product market inspection as the products get to the dealers.
The data collected will be stored on the VeChain blockchain, ensuring effective surveillance of all production channels. This practice will assist the coffee brand in mitigating incidences of smuggling and price discrepancies. Yongpu’s utilization of the VeChain network will ensure greater transparency in market activities which would assist in projecting brand trustworthiness, as data collected are witnessed on an immutable public ledger.
Founded in 2015 by Sunny Lu, the VeChain blockchain has found its way on the list of top mainstream networks within the cryptocurrency space, with its native token sitting in the 34th position of top crypto assets as of press time.
VeChain has been the go-to option for brands looking to improve transparency in supply chains. The top layer-1 enterprise blockchain recently entered into a partnership with the Venice Sustainable Fashion Forum. The partnership will see VeChain promote sustainability in supply chains among fashion brands.
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Source: https://thecryptobasic.com/2022/10/28/yongpu-coffee-implements-product-tracing-with-vechain/?utm_source=rss&utm_medium=rss&utm_campaign=yongpu-coffee-implements-product-tracing-with-vechain