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Blockchain Platform to Track $2.5B Worth of Tea Products

The Chinese province of Yunnan introduced the official launch of a blockchain-powered traceability platform for its Pu’er tea farms on June 3.

The blockchain platform was first introduced within the 2020 Phoenix Nest Ancient Tree Spring Tea New Product Launch Conference in Kunming, Yunnan.  They will use the platform to conduct high quality management, gross sales, and mortgage financing operations on 42,000 hectares of farmland throughout the province.

According to Chinanews, the province is known for its darkish, fermented number of tea. It’s the foremost Chinese agricultural merchandise exporter, and hit virtually $33 million in 2019 based on studies.

Implementation of blockchain expertise in an enormous business

The Pu’er tea business’s merchandise yield a complete of $2.5 billion on common, based on the report.

By scanning QR codes inside the blockchain-powered platform, clients might be able to evaluate details about every product’s uncooked materials base, manufacturing course of, warehousing, high quality testing, product gross sales, and monetary assist, and different knowledge.

The origins of the Pu’er tea business’s curiosity in Blockchain dates again to 2019. The province wished to combine traceability options based mostly on blockchain expertise. They constructed a pilot program in March 2020 referred to as “Quality blockchain traceability platform.”

So far, 25 merchandise from 25 corporations have been “successfully launched” by the platform, and the province hopes to combine new applied sciences in future. These embrace texture imaging recognition expertise, anti-counterfeiting expertise, and NFC encryption chip options.

Blockchain continues to collect recognition throughout China

China’s love affair with blockchain expertise continues to extend in latest months.

On May 14, The People’s Bank of China proposed a blockchain-based commerce finance platform for the Guangdong-Hong Kong-Macao Greater Bay Area. It’s emphasis can be on world commerce and finance.

Cointelegraph reported on June 1 that Chinese authorities intend to show the southern island province of Hainan right into a free commerce port by implementing a blockchain-based platform.

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