One of the leading coffee brands in Asia, YongPu has approached VeChain technology about a new partnership.
The goal of the collaboration will be to aid YongPu track commodities and managing channels for its products. With the aid of blockchain technology, YongPu Coffee can bring new ways to handle consumer products and the overall logistics of a large company.
China’s coffee market is presently valued at over 100 billion Yuan, according to several estimates.
The latest growth in China’s coffee business has resulted in an increase in market size. It has also resulted in the creation and development of several new coffee brands. Many new consumer brands have learned that when they control their raw materials and the supply chain, they may have efficient supply chain management.
Analysts believe that the market will be worth more than a trillion Yuan over the next three years. In fact, many expect that the Chinese coffee market will grow 27.2 percent on a yearly basis.
According to Tiepi – YongPu’s founder – a stable supply chain and high-quality products are the foundations of any consumer brand. As a result, YongPu is typically involved in all areas of manufacturing (raw material procurement and processing, packaging, and distribution).
Tiepi then went on to say that the coffee company is using blockchain technology from VeChain to enhance the downstream of the supply chain and boost the management of online and offline sales channels. It was also said that the company will use the VeChain blockchain technology to upload data collected at various stages of manufacturing to the chain.
As a result, it may combine every component of product circulation. The stages of manufacturing where the firm collects data include raw material sourcing and processing, warehousing, distribution, logistics, transportation, market inspection, shipping, and end-user delivery.
YongPu believes that submitting this data to the VeChain blockchain technology can diminish product smuggling and price system misunderstanding.
How Blockchain Technology Can Help Large-Scale Companies
Blockchain technology will certainly be at the next forefront of the revolution of logistics and production in the productive sector.
In fact, that innovative technology has the potential to enhance transactional procedures between individuals, businesses, suppliers, and lawmakers, resulting in more scalable, efficient solutions.
Blockchain is beneficial because it can secure the underlying data, allowing businesses to dramatically lower the cost of trust and cooperation, which are generally costly for organizations.