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VeChain and Mastercard Back Australia-China Supply Chain

VeChain and Mastercard

April 8, 2021 | 

25763 Views | 

JOHN K MWANIKI | 

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VeChain and Mastercard show support for the Asia Pacific Provenance project. The council has received millions of funds to support financing pilots. It will also track the exports between the two regions. 

Asia Pacific Provenance Council focuses on bodies in the blockchain. Also, packaging and finance sectors. Their goal is to provide end-to-end authentication. It will also provide proof of the origin and existence of products. 
The not-for-profit consortium also provides trade finance solutions and traceability. That is, of the regions' food, agricultural, and beverage industries.

Unlike other blockchains, VeChain supports the supply chain. The blockchain's design goal is to streamline the procurement processes. This is by ensuring that there is a free flow of information, even for the most complex supply chains. 

The blockchain comprises two tokens, VeChainThor Energy (VTHO) and VeChain Token (VET). The former powers VeChain smart contracts. The latter are the tokens used to transfer value across the blockchain's network.
The blockchain's architecture creates transparent business ecosystems. A smooth flow of information also characterizes it. There are also high-speed transfers and efficiency in collaboration. The existing Australia-China supply chain has into silos. This has interfered with the flow of information. 

VeChain and Mastercard collaboration will address the issue of the asymmetric flow of information. This is by allowing businesses to own their data in a way that empowers them. 

How will Vechain and Mastercard support Australia's and China's new supply chain project?

The Asia Pacific Provenance Council aims at enhancing supply chain traceability. This will generally improve the export business in the region.

An alliance of the three parties will go a long way in making this possible. Understanding the role of the bodies is vital. It will help you understand how the system's design looks. It also helped you understand how it works.

Mastercard

Mastercard is a critical player in the global payment business. The company connects governments, merchants, businesses, financial institutions, and businesses worldwide. That is by allowing them to use electronic payment methods. 

In the partnership, Mastercard will be responsible for funding the trade. That will be for goods that are being shipped outside of China. Mastercard is confident that they can integrate blockchain technology with their expertise. 

Mastercard focuses on using innovation. This is to help consumers and producers address several challenges. For instance, and complex and fragmented supply chains. With this move, Mastercard also looks to create sustainability in the supply chain. At the same time, promoting ethical sourcing. 

VeChain

VeChain's role in the partnership will be to track goods. The blockchain has, over time been tracking the quality of goods. The blockchain can also trace the storage and temperatures of the goods. It can also track the transportation medium. This can give insights into the quality of the goods.

How is this possible? The platform uses a collection of several blockchain technologies and in-house built chips. This helps it track the goods' lifecycle, from production to delivery. Note that the chips work on different product types. For instance, wine and food such as fish, which are vital items in the trade. This is through Radio Frequency Identification technologies. 

How will VeChain and Mastercard benefit the project?

1. Fast payment processing

The model will have tiered payments. The buyer makes a payment totaling 30% of the total cost on order placement. The buyers are also required to make another 30% payment once the goods enter the ports.

The remaining 40% of the payment is then made on delivery of the product. This is possible by the use of blockchain. It supports smart contracts and the integration of the electronic payment solution. 

There is one significant benefit of smart contracts in this. The users can make payments provided the buyers meet the tiers. This will reduce the time it takes to process payments. The businesses will be able to handle large invoices within a short time. 

This also means that the merchants will gain access to short-term credits. So, the traders can be able to hold more cash, giving them adequate working capital throughout. 

2. Elimination of counterfeit goods

The integration of blockchain in the China-Australia supply chain will end counterfeits. This is by preventing the growth of counterfeit products. Note that counterfeit products rise to a level where they displace genuine products. This leads to a decline in sales, and hence revenue.

VeChain provides a guarantee to the trustworthiness of the businesses. Chips attached for traceability also confirm if buyers get the right products. Blockchain works on a decentralized ledger. This allows transparency, and you can confirm that you are receiving accurate information. 

Consumers and buyers will have data that shows the quality and origin of products. With a scan, they will get the data.

VeChain and Mastercard and the future of the supply chain

VeChain will streamline supply chain operations by enabling a free flow of information. This also allows quality control and the traceability of products. Mastercard is on the lookout for innovative solutions. This is to support businesses, governments, and merchants. 

VeChain and Mastercard have onboarded on the Asia Pacific Provenance supply chain project. This comes with tons of benefits. Most revolve around the streamlining of supply chain operations. 

Now buyers can trace goods by using the VeChain blockchain. More so, MasterCard Provenance will render permissions. The businesses will also be able to track their goods. Be it food, or wine and also authenticate the processes. 

Blockchain's integration in the China-Australia trade will speed up exports. In the VeChain and Mastercard partnership, Mastercard handles the funding of the trade. But, VeChain will be more concerned with technological support. 

VeChain is an established blockchain network. Partnership with Mastercard and Asia Pacific Provenance Council help in enhancing trade. This move will also bring attention to the blockchain network. This will lead to its growth and widespread use.

Blockchain has a bright future in the supply chain business. It will address most of the issues in the system. Businesses are looking forward to integrating it into their operations. 

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