BrightCode, A Blockchain-based Commodity Confidence Index Initiated by VeChain and Bright Food, Introduces How VeChainThor Blockchain Empowered Their Business

General Press Releases Monday July 22, 2019 11:54
SHANGHAI--22 Jul--PRNewswire/InfoQuest

In spring 2004, four men died of alcohol poisoning in Guangdong, China and eight other hospitalized. In 2008, six infants died and 54,000 were ill with various severity caused by the melamine-tainted formula and 51,900 of which were hospitalized in China. In 2018, ten years after this tragically contaminated baby formula broke out; the Chinese citizens witnessed the discovery of more than 200,000 faulty vaccines for children were distributed in public hospitals in China. The above incidents are a few out of many scandals that occurred in recent years. Consumer confidence of Made-in-China food and drugs have reached an all-time low.

Over the past years, legitimate Chinese enterprises have invested heavily in quality control. Companies like Bright Food are devoted to providing top-tier products. However, they found it hard for them to prove their products' quality to the consumers. To solve these problems, BrightCode was created.

BrightCode is co-developed by VeChain and Bright Food's subsidiary Shanghai Xiandao, based upon VeChainThor Blockchain's next-generation BaaS platform -- VeChain ToolChain. The Application is, by nature, a blockchain-based commercial ecosystem and commodity confidence index platform designed to promote product safety while providing Proof of Trust. Headquartered in Shanghai China, Bright Food (Group) is a multinational food and beverages manufacturing company with 5 Publicly listed subsidiaries. It is the second-largest food supplier for China's 1.4 billion residents. In the year 2018, Bright Food recorded a total asset of over $37 billion, generated $22.9 billion in total revenue. Due to the dominating influence of Bright Food Group, BrightCode will be a significant factor in changing people's food purchasing and consumption habits in China.

Since launch, BrightCode has seen its applications in the food industry, where it's used to keep track of the entire lifecycle of the products. The first batch of the products to have gone live on BrightCode includes the premium "Cupids Farm" Milk.

In the case of "Cupids Farm" Milk, IoT devices are leveraged to collect data automatically from production to distribution in real-time to avoid human intervention or errors. The data verified by DNV GL, one of the world's leading certification bodies, will be uploaded and stored on the VeChainThor Blockchain for reliability and authenticity.

Upon packaging, each piece of product is attached a unique QR code. The code each represents a unique ID on the VeChainThor Blockchain. By scanning the QR code, end-users or consumers will get access to accurate product information stored on the blockchain and gain deeper insights into the story behind the product.

BrightCode has set itself as a great example of implementing VeChainThor Blockchain technology in creating an innovative business model. BrightCode's model can solve the trust issue caused by supply chain information asymmetry and boost consumer confidence in food and safety in China once again. VeChain will join hands with BrightCode to further promote the platform to application scenarios outside of the food and beverage industry. More product lines will be developed in the auto parts and healthcare industries to create comfortable consumer experiences.

About VeChain

Launched in 2015, VeChain aims to connect 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, Brightfood Group, D.I.G, DB Schenker, PICC, etc.

For more information about VeChain, please follow our twitter @vechainofficial or visit our official website www.vechain.com.
Video - https://www.youtube.com/watch?v=3nz9WrYSlC4

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