From July 29 to July 31 2020, VeChain proudly joined hands with Avery Dennison Intelligent Labels to attend the 14th International Internet of Things Exhibition (hereafter referred to as IOTE 2020) held in Shenzhen, China.
As the largest and most comprehensive IoT expo in Asia, IOTE 2020 gathered more than 800 professionals from enterprises, and more than 130,000 professional visitors and purchasers in various industries including but not limited to food, retail and automobile.
VeChain, together with Avery Dennison Intelligent Labels, showcased various advanced “Blockchain + IoT” solutions in front of enterprise attendees around the globe.
The Challenge Of Food Industry In COVID19 Era
Behavioral changes that have arisen due to COVID19 have brought higher demand for safe and traceable food on ecommerce platforms and raised public awareness of health and safety in general. According to an IBM study, 71% of consumers are willing to pay an additional average premium of 37% for companies offering full transparency and traceability. While the food supply chain is one of the most complex and fragmented supply chains, 70% of firms have “visibility gaps” between the initial supplier and internal clients’ systems.
Under such conditions, end-to-end visibility within the supply chain should be a top priority for businesses seeking to build trust with consumers, where blockchain and IoT will make a major impact. According to a recent report by Cointelegrah Consulting, “Blockchain + IoT” solutions could save more than $100 billion for the global food industry annually.
Blockchain is expected to support 10% of the total food industry products tracked globally by 2023.. Real-time traceability could be achieved with the combination of data from IoT devices and blockchain technology.
Avery Dennison + VeChain Showcasing ToolChain Enabled Solution
Guided by the vision to solve real business needs, VeChain has developed the capability to provide business-oriented technology for enterprises of any size or scale. Through built-in food traceability templates and customizable tools, the one-stop data BaaS platform VeChain ToolChainTM can be implemented almost immediately into existing supply chains of all types of food manufacturers, suppliers and retailers.
Products that include fresh produce, dairy products, vegetables, imported food and more can be tracked using the VeChainThor public blockchain with minimal technical development and implementation efforts.
As one of the largest global packaging solution providers, Avery Dennison pioneers in IoT solutions that connect the real products with digital identities.
By integrating Avery Dennison’s smart label products and solutions with VeChain ToolChainTM, the advanced Blockchain + IoT combination can effectively enable the food company to realize transparent end-to-end digital lifecycle management for products. This in turn makes the food supply chain smarter allowing for more valuable connections to be cultivated and increased trust between consumers and brands.
Moving Forward With Value-Driven Digitalization Using Blockchain
The silver lining to the new normal in the COVID19 world is that it brings new opportunities and demand for more transparent and efficient solutions, accelerating the need for digitalization. Disruptive technology like blockchain and IoT will be the most critical “accelerator” for the food industry.
VeChain, together with Avery Dennison Intelligent Labels will be committed to collaborating with partners to provide full value chain digital solutions from assessment, consulting, integration and implementation to optimization services, helping food enterprises of different development stages and sizes to easily commence their digital transformation.