This Is Way Bigger Than I First Thought
The VeChain has definitely positioned themselves well as they have taken the time to develop what has been required to help the adoption of their technology. From what looked like not much going on for a few years they have definitely hit a home run with this project.
I wrote a post about VET 3 weeks ago titled "Why Adoption Does Not Happen Overnight" and I may have spoken too soon. Back in 2020 VET announced a partnership with the China Animal Health And Food safety Alliance known as CAFA. This was put in place by the Chinese Minister of Agriculture with regional trial back in 2016 followed by a national level using Walmart China which began in 2019. The VeChain developed a platform which went live late last year for the food and agriculture industry.
As you can see this became a new law from the 1st January this year For the entire food industry in China. This is very big considering this is to ensure everyone can eat safely and securely. Banned pesticides along with vetinary drugs and other violations will be monitored with a fine system depending on the crime committed. I dare say that the Chinese Government will not be that lenient within 6 months time as warnings will be given otherwise there is no point of the law. They had to wait for VeChain to develop the platform before they could enforce this as a law and now they can move forward with implementing the regulations.
This law is as much about protecting the people along with educating the farmers by making sure they adhere to safe practices. This will have various stages involved with co coordinators and regional supervisors testing produce before they hit the market place. Certificates will be given guaranteeing the produce certifying that all food products in China are safe to eat.
This may seem over the top but in many ways I wish my food was certified and guaranteed to have been grown or farmed legitimately. Organic will be organic and everything stated on the blockchain will lead back from the retailer to the farmer.
This is big for VET in many ways as China has in the region of 200 million farms which is down from 700 million farms a little over a decade ago. Each farm would have to have traceability on the blockchain whether that is loaded at a regional point or at source.
There is a difference when they say the CAFA has adopted the VEChain and a law in place to guarantee this actually is followed. Walmart's transaction numbers on the VeChain have increased over the last year and expect to see the numbers rise even more over the next 12 months with the entire CAFA industry involved due to regulation.
This is the type of test case that could easily run out globally and see no reason why it wont as this has already been developed and in use.
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That's kind of interesting given Chinas stance on cryptos in general that they are so on board with something like this. I would think they would want to shut stuff like this down like they did a lot of the trading and mining. I need to figure out a way to get some more VET into my bags!
I found this fascinating as the Government is actually forcing them to use the platform which is based on VeChain.
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Do you have a target number in mind for how much VET you want to hold eventually?
Back in 2016 they implemented a pilot scheme and by 2019 when Walmart joined the regional test they needed a blockchain as this is too big. VeChain developed the platform that ties in with the blockchain and serves a real purpose here. I don't think the Government had any choices, but to run with this.
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Interesting!
This is really interesting. I am still perplexed how, out of all, the Chinese government allowed a network to interact at this level. Nonetheless, I may need to read more about the chain.
I think the size of the operation needed a blockchain and this makes perfect sense so VeChain was the perfect fit and developed what they required.
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That makes sense. I have read during the last bull run that vechain is trying to solve the global supply chain issues but never dealt with in detail. I will definitely go through your posts to find out initial readings.