VeChain Signs partnership With Bright Foods
VeChain Signs a Partnership with Bright Foods and Its IT/Tech Subsidiary Shanghai Xiandao Food to Integrate Blockchain Technology into Bright Food (Group) Co.’s Internal Management Systems
TLDR: VeChain signs a partnership with Bright Foods (Group) Co. and Shanghai Xiandao Food, a significantly owned subsidiary of Bright Food which is a wholly owned subsidiary of the Shanghai Municipal Government. This deal integrates VeChainThor Blockchain throughout Bright Food’s entire supply chain management and data management systems, in which they control the entire lifecycle of their product lines from crop to retail. Bright Food is a global company operating 93 different Chinese domestic and foreign subsidiaries with four publicly listed companies in which is estimated to bring in ￥160 billion RMB (~$25.3 billion).
In accordance with the focus given to blockchain for China’s current Five-Year Plan, VeChain’s cold-chain logistics and supply chain management platform is set to revolutionize the way state-owned and multinational enterprises conduct honest business across their entire supply chain. The deep integration and collaboration across industries, service fields, and data sets enables a supply chain ecosystem for complex business processes to thrive. The use of IoT within cold-chain logistics allows providers to ensure the safety and quality of their products in real time. It also empowers new metrics to be verified, audited, and secured leading to new functionality and means of efficiency within businesses supply chain.
The use of the VeChainThor continues to expand by adding a partnership with Bright Foods (Group) Co. and Shanghai Xiandao Food who is pioneering the integration of Bright Food new innovations. The company signed a deal with VeChain Foundation with the intent to integrate the VeChainThor Blockchain technology to the core of Bright Food’s supply and processing chain. Shanghai Xiando Foods will also collaborate with VeChain to research further uses of blockchain technology and cold-logistics solutions. Bright Food is wholly owned by the Shanghai Municipal Government and is mostly a food and beverages manufacturing company, operating worldwide.
The original Bright Food brand was established in 1950 by Jiang Zemin (previous President of China) to be designated as the Chinese national food brand. Bright Food is the second largest food company in China behind COFCO, the revenue of Bright Food Group is estimated in 2017 to be over ￥160 billion RMB （~$25.3billion ）
Source: http://cj.sina.com.cn/article/detail/5617150275/255063
Bright Food Group controls the entire lifecycle of its product lines; The group owns agricultural suppliers, processing factories and distribution points all over China. Bright Food is also invested in various multinational companies such as Manassen Foods, Tnuva, Società per Azioni Lucchese Olii e Vini and operates 93 different Chinese domestic subsidiaries, including 4 publicly listed company subsidiaries.
Over the course of the partnership with VeChain, Bright Food will utilize VeChainThor for their supply chain management, data management, as well as explore new products and solutions utilizing cold-chain logistics and development tools for supply chain management. This will enable Bright Food to harmonize their data set, from their various branches, while managing, monitoring, and reporting on live and trust-proof data.
Monitoring the cold-chain supply is vastly vital for Bright Food who deals mostly with milk, dairy products, meats, and seafood; this will increase the safety standards of the company and China as a whole. In addition to the higher degree of control over their processes, Bright Food will be able to offer fair and sincere information to their clientele, strengthening their global network.
By adding Bright Food to our ecosystem, VeChainThor continues to prove that it is already the world’s largest supply chain solution built on blockchain technology. Through the combination of VeChain’s IoT solutions and VeChainThor, VeChain can increase the strength of all industries while decentralizing power and empowering data owners. The power of VeChainThor continues to grow by drastic measures and has solidified itself as the leading global enterprise public blockchain platform.
VeChain Foundation
The VeChain Foundation is a non - profit entity established in Singapore.