Blockchain Platform to Track $2.5B Worth of Tea Products
The Chinese province of Yunnan declared the official launch of a blockchain-based traceability platform for its Pu’er tea farms on June 3. The blockchain platform was first declared in the 2020 Phoenix Nest Ancient Tree Spring Tea New Product Launch Conference in Kunming, Yunnan. They will utilize the platform to conduct quality control, sales, and loan financing operations on 42,000 hectares of farmland over the province.
According to Chinanews, the province is popular for its dark, fermented variety of tea. According to reports, it’s the significant Chinese agricultural products exporter and hit about $33 million in 2018.
Implementation of blockchain technology in a big industry
According to the report, the Pu’er tea industry’s products yield a total of $2.5 billion on average. By scanning QR codes within the blockchain-powered platform, consumers may be capable of reviewing data about each product’s raw material base, warehousing, production process, quality testing, product sales, and financial support, and other data.
The origins of the Pu’er tea industry’s interest in Blockchain goes back to 2019. The province desired to combine traceability solutions based on blockchain technology. They developed a pilot program in March 2020 named, “Quality blockchain traceability platform.”
So far, 25 products from 25 companies have been “successfully launched” by the platform, and the province aims to combine new technologies in the future. These involve anti-counterfeiting technology, texture imaging recognition technology, and NFC encryption chip solutions.
Blockchain continues to gather popularity across China
China’s love affair with blockchain technology proceeds to expand in current months. On May 14, The People’s Bank of China proposed a blockchain-enabled trade finance platform for the Guangdong-Hong Kong-Macao Greater Bay Area. Its focus would be on global trade and finance. It was reported on June 1 that Chinese authorities strive to turn the southern island province of Hainan into a free trade port by implementing a blockchain-enabled platform.