- VeChain acknowledged a cooperation agreement with Anhui Tea Industry Association.
- To stimulate the growth of the tea industry across the territory by leveraging the VeChainThor blockchain.
Forum of Poverty Alleviation in Yuexi County (which comes under the authority of Anqing City, Anhui Province, China), was held on December 3rd -4th, 2019 by the General Council of Anhui Tea Industry. The forum witnessed the announcement of the partnership of VeChain with Anhui Tea Industry Association. This collaboration aims at increasing the development of the tea industry across the province by making use of blockchain technology.
Project Director at VeChain, Mr Tian Xinli took the opportunity to present several case studies about the possible impact of VeChainThor Blockchain in empowering the tea industry to the forum attendees consisting of government officials and industry experts.
Anhui is the 8th most populous region in China with an estimated population of around 62 million. The GDP of the province stands at the 12th position of all areas in 2017. It occupies most of the country’s important tea production base, with the gross value of the tea industry in Anhui to reach $7.1 billion by 2020, as per the General Office of the people’s Government of Anhui Province.
The tea industry set up to mitigate poverty to some extent in the province, and many locals employed in these tea industries, often from the low class of the area.
President Xi Jinping in October 2019 said that China has to grab opportunities provided by blockchain technology in his speech. He further mentioned that blockchain mechanism cad find use in varied fields, and thus could even contribute to economic poverty alleviation.
Mr.Cheng Qian, a member of the Standing committee of Yuexi County, said that Yuexi county is one of the highest tea production bases in the whole country during the forum in Yuexi County. According to estimates, with increasing production of over $1 billion and 5910 tonnes of tea output, the tea industry is proven to be beneficial for targeted poverty alleviation.
The partnership between VeChain and Anhui Tea Industry Association fits the regulatory strategy to lift the competitiveness of all industrial participants through blockchain technology. This collaboration would accelerate the efficiency and productivity in all stages of production in the supply chain, thus strengthening the Chinese tea industry.
It will eventually lead to increased output and will directly uplift the economic conditions of society. Anhui tea industry association, established to affiliate enterprises of the tea industry, the partnership with VeChain Blockchain could deploy at scale for up to all of the 670 enterprises and 194 business owners through its strategic initiatives.