Against the overall market downturn from the global pandemic, China’s pet food industry bucked the trend with notable growth. It was valued at USD 1.082 billion in 2020, and it is projected to reach USD 1.4749 billion in 2026. Despite the surging expansion, the pet food market in China is not mature enough.
Without unified industry standards, in particular food quality standards, low-quality and counterfeiting pet foods are still prevalent in the market. The choices of pet foods in the Chinese market have become a tug-of-war between pet owners, brands, press news and social media. This opens up an opportunity for problem solvers. Blockchain technology enables accurate traceability of ingredients, allowing pet food manufacturers to solve biosecurity problems and quickly bring health concerns about pet food safety under control.
VeChain Technology Confirms Transparency By Traceability
Through immutable provenance technology, blockchain provides proof of pet food ingredient claims and quality by essentially telling a brand’s story in a trustless manner that is unable to be replicated by any other solution in the market.
VeChain, the world’s leading public blockchain provider aims to revolutionize pet food traceability, safety and marketing by providing multiple layers of benefits through its full services across the entire lifecycle of the supply chain, including:
Proof Of Origin: Uploading the source of pet food and import certificate on the blockchain to ensure the integrity of the product and presenting it to the customers through digital marketing, making product claims like “imported salmon” and “American original” far more convincing than before.
Proof Of Ingredients: Blockchain can validate the usage of high-quality ingredients in products. For example, companies focusing on healthy and organic foods can show off their ingredients used and manufacturing process in a transparent manner. It can also prove the manufacturer’s quality claims, such as sustainability efforts and membership of AAFCO.
Traceability Of Entire Value Chain: Blockchain connects the supply chain and traces the source of each ingredient, behavior of the people involved during the entire process, and more. As a result, blockchain can not only increase efficiency of a company’s internal supply chain, but also potentially prevent damages to a company’s reputation during recalls, as increased traceability data enable companies and authorities to quickly track and trace problematic batches of products, significantly increasing consumer trust and safety.
New Marketing Tool In Chinese Market: Data On the Blockchain
In a growing market like China, there is both a regulatory push and consumer interest in knowing more about the pet food manufacturing process, including the ingredients used and whether they were imported. Data stored on the blockchain provides another marketing pitch.
With blockchain technology, pet owners can trust ingredient listings are accurate because pet food recipes and the ingredients used have been stored on the blockchain. The company that is able to provide the actual content or weights of individual ingredients will be establishing a higher degree of goodwill and reputation by proving that their products are truly nutritionally balanced, safe, and environmentally conscious for their pets.
Already, VeChain has engaged with multiple companies in the pet food industry, and many of them have expressed interest in blockchain technology to solve the aforementioned problems and pain points.
By leveraging the data visualization module of VeChain ToolChainTM, business owners can easily access the benefits of blockchain and implement blockchain in a lead time as short as a few days or weeks. The market-ready product is able to be integrated in established SCM and CRM systems, and can efficiently improve the efficiency, traceability, and transparency of supply chains while lowering costs and giving individual users greater control. It is a win-win solution for the entire industry for both manufacturers and consumers.
Launched in 2015, VeChain Technology is a global leading enterprise-friendly blockchain company which aims to connect blockchain technology to the real world by providing enterprises with blockchain-enabled solutions suited to their business needs. It offers VeChain ToolChainTM, a low-code blockchain-based SaaS platform that allows enterprise clients to rapidly build and drive digital transformation on a global scale, enabling the evolution of a trust-free and a distributed ecosystem. VeChain Technology is a pioneer of real-world blockchain applications, with international offices in China, Singapore, Luxembourg, Japan, France, Italy and the United States. With strong independent development capabilities, combined with the professional compliance guidance of our strategic partners, PwC and DNV, VeChain has established partnerships with many leading enterprises in various industries, including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group etc.
GameFi Marks The first Blockchain Platform to Offer GameFi, NFT and Metaverse In A Single Platform
The Covid-19 lockdown that happened in 2020 brought about many innovative ideas and made people see new possibilities. The blockchain space also saw the launching and adoption of many great things. The pandemic brought about decline to many business sectors, but the video gaming sector experienced a boom which was unexpected in the year 2020. The video gaming market is worth billions of dollars and it keeps increasing, there is a possibility of it reaching 314.40 billion by 2026 according to experts. The boom was as a result of people resorting to find entertainment and engagement to keep them from boredom, most turned to video games.
The gaming community has been taking interest in blockchain and cryptocurrency, the opportunity to play and earn is very much enticing to gamers. Crypto games are like upgrades to traditional games, players now have the opportunity to make money or getting their efforts and time rewarded in the blockchain. GameFi (Malaysia), the first and only Blockchain platform specializing in GameFi, Non-Fungible Token (NFT) and Metaverse, aims to raise individual and businesses awareness about how blockchain can transform technology and improve or disrupt existing business areas.
Sean Leong, Chief Executive Officer and Founder of GameFi Sdn Bhd announce that the company’s project will officially launch in the fourth quarter of 2021. GameFi sets eyes on being the No.1 Blockchain platform for Play-to-Earn, NFT and Metaverse in Asia. GameFi helps accelerate adoption by acting on existing barriers to innovation and by catalysing efforts into creating actionable industry standards and best practices.
GameFi is really the future of gaming. It will be the next big thing that makes Blockchain technology, Decentralized Finance, and larger crypto space easy to understand and be involved in.
e-Money Announces Integration with the Algorand Blockchain to Accelerate the Circulation of European Stablecoins
e-Money today announced it is integrating with Algorand to support a range of fully backed European stablecoins across the Algorand ecosystem, including eEUR, eCHF, eNOK, eSEK, and eDKK. Stablecoins–digital currencies designed to maintain stable value by being linked to a fiat currency or other exchange-traded commodity–have grown substantially in popularity, driven by demand for price-stable assets in the fast growing crypto capital markets.
This integration will enable faster time-to-market for applications built on Algorand looking to offer native currency options to users throughout Europe and drive adoption of Algorand-based applications among European users given currency familiarity. In addition to being available for purchase directly from e-Money, these Algorand-compliant European stablecoin offerings will be listed on several decentralized exchanges in the coming days, further increasing the supply in circulation.
With e-Money, European stablecoins are fully collateralized, backed with actual bank deposits and government bonds held at commercial banks. Uniquely, e-Money’s currency-backed stablecoins each utilize a dynamic peg that tracks the underlying interest rate, meaning that stablecoin holders benefit from accrued interest on their assets even when just sitting in a user’s wallet. In addition, e-Money’s services operate in full compliance with AML/CTF legislation, and the platform is transparent, undergoing a quarterly audit by Ernst & Young.
“We’re excited to be bringing e-Money stablecoins to Algorand protocol. We already see a number of exciting projects being built on Algorand and expect this development to continue at an increased pace. By joining the Algorand ecosystem, e-Money will establish itself as a go-to partner for Algorand projects interacting with real-world economies, thereby expanding our user base and strengthening our position as a leading issuer of trustworthy European stablecoins.” — Martin Dyring-Andersen, e-Money Founder & CEO.
“Interest in stablecoins is booming, and it’s great to add e-Money’s offerings to those fiat-backed assets already circulating on Algorand, like QCAD, backed by Canadian fiat and BRZ, backed by the Brazilian Real,” said David Markley, Director of Business Solutions at Algorand. “Integrating with e-Money will expand overall access to the Algorand ecosystem and help accelerate European market growth for many of the innovative and useful protocols on the network, from DeFi solutions to NFT marketplaces and beyond.”
The global blockchain market to reach $56.7 billion by 2026 from $6.0 billion in 2021-Research and Markets
According to the The “Global Blockchain Market 2021-2026” report by Research and Markets, The global blockchain market should reach $56.7 billion by 2026 from $6.0 billion in 2021 at a compound annual growth rate (CAGR) of 56.9% for the forecast period of 2021 to 2026.
The report examines how the blockchain market is changing and how it has evolved. This analysis includes a detailed survey of new organizations in the market as well as existing organizations. At the industry level, the publisher identifies, examines, describes, and provides global and regional market sizes for 2020 and forecasts demand from 2021 through 2026.
Blockchain technology has the capability to reduce the costs associated with verifying customer transactions and thus improve access to financial services. The adoption of the technology is based on factors such as the ability of players in the market to adopt and develop this complex technology, to offer the product at an affordable price, and to secure support from the government. Early use cases of blockchain were seen in financial institutions as value-added applications were developed on the existing blockchain functionalities. In recent times, venture capital firms have been investing in startups developing blockchain technologies.
Increasing Fintech spending and venture capital funding in the technology, growing demand for blockchain technology in retail and supply chain management, and a digital transformation in the manufacturing and BFSI sectors are some of the key factors driving the growth of the current blockchain market.
However, network privacy and security concerns, as well as an unsettled regulatory environment, are hindering the market’s growth. Apart from these drivers and restraints, the increasing acceptance of blockchain solutions for payments and smart contracts; the advent of AI, and the sizeable use of blockchain solutions in banking, cybersecurity, and IoT; and the rising number of blockchain start-ups will create huge opportunities for vendors in this market.
In this report, the global market blockchain has been segmented based on organization size, component, provider, type, industry, and geography. Based on organization size, the blockchain market has been categorized into SMEs and large enterprises.
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