Vechain News: The first China International Import Expo (CIIE) occurred recently on November 5 to 10 in Shanghai and VeChain got an invitation for it. Seizing the opportunity, Vechain went ahead and demonstrated a few blockchain solutions that they are working upon.
The CIIE was aimed to prove to the world that China supports liberalization in trade and to simultaneously opening their economy to new technology. The event saw the participation of business people and officials from 172 nations and regions, who also took part in a discussion about the solutions the Chinese market offers.
About the Expo
China has been striving to become a global workshop for everyone and this expo was an attempt at the same. With the largest middle-income population around the world, the Chinese citizens now demand products of higher quality. According to Xi that Chinese imported goods and services would reach 40 trillion USD in 15 years.
Divided into 8 exhibition areas, the event venue also featured VeChain to showcase their product offerings. The CEO himself interacted with the masses to explain the cold chain logistics and My Chain solutions. He illustrated that these solutions, that were developed together with DNV GL, are aimed to protect the quality of imported products and improve food safety.
According to recent estimates, in 2017, Norway exported 2.6 million tons of seafood; the nation exported 539,000 tons of seafood to Asia in the year. This driving force behind this growth is the growing middle-class in Asia, especially in China, which consumes about 12% of all Norwegian salmon.
DNV GL demonstrated their solution on November 7, which started off with Luca Crisciotti stating that the DNV GL is aimed at sustainability. As part of their mission, they want to change how people behave in society. To achieve this feat they have been utilizing blockchain for past few years.
The manager of DNV GL Business Sustainability Division demonstrated the model for reduction of carbon emissions. It works on smart contracts that run on the VeChainThor network. VeChain project manager further explained the implementations of the digitized carob ecosystem. Though redeeming carbon credits have been around for a while, blockchain implementation will lend trust and transparency to it.
This carbon ecosystem is conceived as a platform that will be open to all. Thus far, BYD has signed up to it.
The Bright Food GM introduced the Bright Code, a localized My Story. It utilizes VeChain tech to create a customer confidence index. Created by a third party, the index collects data throughout the life of a product, ensuring safety and confidence for consumers, providers, partners, and clients of Bright Food.
The VeChain CMO, Noah Huo, introduced demos during the events that enabled the present audience to take part in the collection of carbon credits. Users can then redeem the points at various participating partners. Behaviors, like driving electric cars and using public transport, will all be considered.