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Chinese VeChain Tea Traceability Platform Gets Official Seal of Approval


Chinese VeChain Tea Traceability Platform Gets Official Seal of Approval

VeChain continues its meteoric rise following Chinese government endorsement of a VeChain-based tea traceability platform

A tea traceability platform powered by VeChain received an official endorsement from the Shuangjiang county government at its launch on Nov. 13.

VeChain partnered with leading tea producers in the region to implement the traceability platform. The entire lifecycle of a tea brick from raw material to the consumer will be recorded on the VeChainThor blockchain, which customers can access by scanning a QR code or NFC tag with their smartphone.

The Pu’er Tea Traceability Platform is one of the first third-party platforms to index into the National Important Products Traceability System, put in place by the Chinese Central Government. A local Department of Commerce representative said:

“We should attach great significance to this tea traceability platform, sparing no efforts to ensure every tea brick has traceable origin, verified proper distribution and logistics, and authentic qualification, which can certainly raise the reputation of Yunnan tea globally.”

VeChain continues its meteoric rise

VeChain (VET) has had an impressive month so far, pumping over 60 in the last 30 days. Following the official endorsement of the tea traceability platform, the token is seeing gains of over 15%.

Ironically, founder Sunny Lu, speaking at the Blockshow Asia 2019 event yesterday, claimed that 99% of a token’s price is pure speculation, and not based on its value to society.

Chinese businesses seem to be falling over themselves to announce blockchain initiatives, following President Xi Jinping’s call to accelerate blockchain adoption last month. China-based Xinyuan Real Estate recently announced a blockchain-based platform to speed up real-estate innovation.

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