Blockchain Platform to Track $2.5B Worth of Tea Products

Published at: June 3, 2020

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

The blockchain platform was first announced in the 2020 Phoenix Nest Ancient Tree Spring Tea New Product Launch Conference in Kunming, Yunnan.  They will use the platform to conduct quality control, sales, and loan financing operations on 42,000 hectares of farmland across the province.

According to Chinanews, the province is famous for its dark, fermented variety of tea. It’s the major Chinese agricultural products exporter, and hit almost $33 million in 2018 according to reports.

Implementation of blockchain technology in a big industry

The Pu’er tea industry’s products yield a total of $2.5 billion on average, according to the report.

By scanning QR codes within the blockchain-powered platform, customers may be able to review information about each product’s raw material base, production process, warehousing, quality testing, product sales, and financial support, and other data.

The origins of the Pu’er tea industry’s interest in Blockchain dates back to 2019. The province wanted to integrate traceability solutions based on blockchain technology. They built a pilot program in March 2020 called “Quality blockchain traceability platform.”

So far, 25 products from 25 companies have been “successfully launched” through the platform, and the province hopes to integrate new technologies in future. These include texture imaging recognition technology, anti-counterfeiting technology, and NFC encryption chip solutions.

Blockchain continues to gather popularity across China

China’s love affair with blockchain technology continues to increase in recent months.

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

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

Tags
Related Posts
Unitize Roundup: Top 10 Quotes From the Virtual Blockchain Conference
The five-day Unitize virtual blockchain conference organized by BlockShow and San Francisco Blockchain Week ended with the final session on Friday. The event saw appearances from Heath Tarbert, the chairman of the Commodity Futures Trading Commission; Vitalik Buterin, a co-founder of Ethereum; and Tim Draper, a serial blockchain investor, as well as other speakers from a diverse pool of market segments both within and outside the crypto space. Blockchain adoption, decentralized finance, central bank digital currencies and the future of Bitcoin (BTC) dominated the conversation in many of the panels. The event also saw speakers chart possible paths forward for …
Adoption / July 12, 2020
Alibaba Signs Blockchain-Related Deal With Chinese Port Operator
China’s biggest port operator, China Merchants Port, reached a deal on May 28 with the e-commerce giant, Alibaba Group, and its affiliate, Ant Financial. This deal will allow for the development of a blockchain-based platform, which will target a number of different use cases. According to local media, the platform will allow buyers, sellers, logistic companies, banks, customs, and tax officials to conduct contactless digital export and import transactions. The companies will promote an in-depth integration of blockchain technology in the port industry. Their goal is to become the world’s first blockchain-based digital port with an open collaboration network. Implementing …
Adoption / May 29, 2020
Mining Titan BHP to Use Blockchain for Iron Ore Sales to Top Steel Producer
Multinational mining titan BHP Group expects to complete its first blockchain iron ore transaction with China’s Baowu Steel Group’s listed arm, Baosteel, in the near future. BHP’s announcement on May 12, as reported by Reuters, followed a yuan-denominated sale of iron ore to Baosteel worth $14.10 million (100 million yuan) last month. The move toward blockchain digitization of iron ore sales and the choice of renminbi settlement are both being hailed as major innovations in global trade. Baowu, now the world’s largest steel producer, has reportedly issued its own statement on a series of recent yuan-denominated deals with BHP and …
Adoption / May 12, 2020
CasperLabs to become blockchain of choice for the City of Fuzhou, China
On Friday, CasperLabs, a blockchain software firm, announced a partnership with China's Blockchain-based Service Network, or BSN. Through the agreement, which has been minted as a nonfungible token, or NFT, as a sign of commemoration, Casper Network will be added as the blockchain of choice to the Fuzhou City Chain for use in public and private crypto infrastructure developments in the region — dubbed "Fuzhou Chain powered by Casper." RockTree Capital, an investment company, based in New York, played a critical role in bridging the entente between Casper and Fuzhou City. As told by stakeholders, the partnership's main goal is …
Adoption / Jan. 21, 2022
Neo users explain why they've held on to the project despite China's heavy crypto crackdown
It's been a wild ride for Neo (dubbed "Ethereum of China") investors in the past few years, especially as China began to incrementally introduce harsher crypto regulations. But despite the odds, the community appears to be resilient, with a dedicated society of developers worldwide and a bourgeoning decentralized finance, or DeFi, hub that came into prominence via the launch of Neo N3 mainnet last year. As told by Neo investors Lucas and Jiří, who spoke to Cointelegraph, they were not expecting such a "huge drop in price" for Neo. Still, they nevertheless decided to hold their Neo tokens through all …
Decentralization / Feb. 28, 2022