Global payment processing giants MasterCard and Chinese e-commerce firm Alibaba have joined the Blockchain Australia alliance. According to the report from The Australian, the duo has engaged in a partnership with the blockchain group to initiate tracking of food, wine and exports via blockchain technology.
The partnership will be focused on supply chain management with products tracked using VeChain blockchain solutions.
According to Blockchain Australia, supply chain tracking is an area that the Australian government is looking to optimize with exports between the country and China hitting 38% in 2019.
This alliance with Mastercard and Alibaba would add effective payment systems to the supply management solution. Products will be paid for using Mastercard outside China and Alipay within the communism nation.
This would lead to faster payment within the supply management chain as this would enable milestone payments to different parties who ship along the supply chain. This way once a percentage of the full payment is confirmed on the blockchain this can be remitted to local farmers while the remainder of the payments can be made using credits to a digital wallet.
This process would enable faster settling of payments and ensure that the payment procedure is recorded in a transparent and immutable way on the VeChain blockchain. You find more information about this cryptocurrency on the CryptoTips website.
VeChain solutions adopted in different sectors
VeChain has been successful in deploying blockchain-based solutions in different sectors. The blockchain firm has successfully deployed its My Story solution in Italy where some of the biggest wine companies have integrated this solution to their internal ecosystem.
Recently, the VeChain partner DNV GL revealed that it was in a partnership with the third-largest hotel chain in India ITC Hotels to develop an assurance program based on VeChain blockchain technology.
The solution would be used to track and manage COVID-19 infection cases across its chain of hotels in the country. With the challenge of overtaking Ethereum, VeChain is well poised with its recent spate of partnerships which could lead to widespread adoption within the mainstream markets.
There’s a lot of positive news about this small altcoin, which is currently trading at position 20 of CoinMarketCap. But is it enough for people to buy VeChain and invest in the currency? How all these partnerships will work out in the future and what it will do for the VET price still remains a question.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes