May 29, Shanghai, China — With consumer and industrial behavioral shifts due to the ongoing COVID-19 pandemic, the world has seen a stagnation of growth in the production, sales, and international exports of food products. To fight back and support vulnerable farmers in emerging markets with exporting their premium outputs, Producers Market chose to implement VeChain ToolChain™ to trace agricultural products to maintain and enhance their export competitiveness in the global marketplace. Pending a wider rollout with a growing global demand, the collaboration currently targets Latin America and the Caribbean (LAC) agricultural farmers.
The Major Engine of Global Agricultural Calls For Help
The LAC region accounts for about a quarter of global exports in agricultural and fisheries products, underscoring the importance of trade openness at the global level. According to the new OECD-FAO Agricultural Outlook 2019–2028, the LAC currently accounts for 23% of agricultural and fisheries commodities exports, and by the year 2028, the LAC region will account for over 25% of global agricultural and fisheries exports.
More customers and end-users are looking towards digitized platforms to buy their products now. This shift in consumer behavior is pushing food manufacturers to digitize their businesses, from supply chain management to distribution and communication strategies. However, vulnerable farmers have limited resources and tools to do so. Reuters reported that most countries across Latin America have been forced to shutter their economies, dashing hopes for growth and sending forecasts for unemployment spiraling upward, urgently calling for extra assistance to protect their interest and help their exports.
With an eye towards the long-term development of LAC agriculture, Producers Market has chosen VeChain ToolChain™— the one-stop BaaS Data Platform to bridge the gap between the manufacturers and consumers by integrating blockchain technology into the value chain.
Blockchain To Secure Fast And Safe Food Trades
As a pioneer in transparent agricultural value chains, Producers Market aims to empower farmers by establishing a direct market linkage facilitation to incentivize regeneration, from soil to economy to society at large with a powerful transparency application named StoryBird.
Powered by VeChain ToolChain™, the StoryBird application collects and uploads authentic product information onto the VeChainThor Blockchain, which enables all stakeholders in the trade, including the farmers, processors, added-value parties, e-commerce platforms, buyers and end consumers to validate product origin and trace logistics of delivery. This enables a traceable, visible, and transparent digital marketplace for the agricultural market, which allows for agricultural producers, processors, packers, distributors, brands and other added-value stakeholders to publicly list Organization and Product profiles to access global markets.
In addition to that, StoryBird also helps in increasing the number of socially responsible buyers. Using StoryBird allows farmers to advertise their products through visual media such as photos and graphics, and even insert the background history of their farm. The application allows consumers to appreciate the story of the product that they have purchased and allows an unprecedented way of giving life to their product while communicating the effort directly to consumers.
The first significant project is a D2C (Direct-to-consumer) digital platform in the meat and seafood industry that will be traced by VeChain ToolChain™ from the various product origins around the Americas to consumer’s homes in the United States. The project is scheduled to launch in September of this year.
VeChain As The Enabler Of Partners
Alex Karzag, Chief Project Officer at Producers Market commented: “To support the Producers Market mission to revolutionize the food system by empowering farmers, especially in impoverished areas during these times of systematic chaos and rebuilding, VeChain provides us with a flexible, efficient, easy to use, yet robust blockchain platform. Many of the value chain stories we tell involve multiple stakeholders in multiple locations, using different tools, all with varying levels of technical comfort and budgets. VeChain ToolChain™ made the use of blockchain highly accessible for us with highly competitive pricing and stellar training, support and attention.”
Sunny Lu, CEO and co-founder at VeChain says, “Positioned as the enabler for our partners, VeChain aims to provide a standardized tool for the enterprises to build and integrate blockchain technology into their business easily. Whether targeted to large organizations or small companies, or even individual business owners, VeChain ToolChain™ helps you realize your exact vision and scale your business with a reasonable cost.”
As a natural trust machine, blockchain is the perfect tool for improving the supply chain integrity, creating real time end-to-end visibility, improving transparency in the sense of a better marketplace, and eventually setting standards for quality and transparency in the food industry. With the growing exports volumes of agricultural products from LAC and other regions, there is a great potential for VeChain ToolChain™ to roll out more partnerships in the future.
About Producers Market
At Producers Market, we believe that an agricultural system rooted in integrity is possible. And we’re building the market linkage platform to prove it. Here, value chain stakeholders and consumer facing brands come together in one global ecosystem. With Producers Market the best of farming, processing, and packing meets digital technology to facilitate transparent and enriching transactions. We are building the tools and ecosystem for stakeholders globally to trade with trust, and for people to consume with confidence. Producers Market is a privately held company operating in the United States, and is currently transitioning from a Seed to Series A funding round.
Launched in 2015, VeChain connects blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco. Together with our strategic partners PwC and DNV GL, we have established cooperative relations with many leading enterprises in different industries, including Walmart China, BMW, BYD Auto, Haier, H&M, LVMH, D.I.G, ENN, AWS, PICC, ASI etc.