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The blockchain platform will track $ 2.5 billion tea products

June 4, 2020

The Chinese province of Yunnan announced the official launch of a tracking platform on June 3. powered by a blockchain for its Pu’er tea plantations.

The blockchain platform was first announced at the Phoenix Product Ancient Tree Spring Tea 2020 conference on new product launches in Kunming, Yunnan. They will use the platform to carry out quality controls, sales and loan financing on 42,000 hectares of arable land across the province.

According to Chinanews The province is famous for its variety of dark and fermented tea. It is reportedly the leading exporter of Chinese agricultural products, reaching nearly $ 33 million in 2018.

Implementation of blockchain technology in a large industry

The blockchain platform will track $ 2.5 billion tea productsThe blockchain platform will track $ 2.5 billion tea products

Products from the Pu’er tea industry average $ 2.5 billion, according to the report.

By scanning QR codes within the blockchain platform, customers can review information about the raw material base of each product, Production process, storage, quality inspection, product sales and financial support and other data.

The origins of the interest of the Pu’er tea industry in blockchain go back to 2019. The province wanted to integrate traceability solutions based on blockchain technology. In March 2020, they set up a pilot program called “Blockchain Traceability Platform of Quality”.

So far, 25 products from 25 companies have been “successfully launched” through the platform, and the province hopes to integrate new technologies in the future. These include texture image recognition technology, anti-counterfeiting technology and NFC encryption chip solutions.

Blockchain is becoming increasingly popular across China

China’s romance with blockchain technology has continued to grow in recent months.

May 14th The People’s Bank of China proposed a blockchain-based trade finance platform for the Guangdong-Hong Kong-Macau Bay region. The focus would be on global trade and finance.

Cointelegraph reported on June 1 that The Chinese authorities intend to transform the southern island province of Hainan into a free trade port by implementing a blockchain-based platform.