Blockchain Platform to Track $2.5B Worth of Tea Products

By FELIPE ERAZO

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.

Article produced by FELIPE ERAZO

https://cointelegraph.com/news/blockchain-platform-to-track-25b-worth-of-tea-products