Vechain, the blockchain project launched in 2015 with its digital token VET has announced its partnership with Anhui Tea Industry Association. This is meant to act on the Chinese Government’s Call For Blockchain Adoption in poverty alleviation.
This new development was passed across by Vechain Foundation via one of its media of disseminating information across the Vechain community. The euphoria of the partnership was also shared on Twitter, with tons of likes and retweets, which depict the excitement of its community members regarding the partnership.
VeChain partners with Anhui Tea Industry Association. Located in Anhui, China, a province with a population of 62 million & estimated gross value of $7.1 billion in tea trade, this partnership connects #VeChain with 670 enterprises + 174 business owners. https://t.co/4wxNI8lvJv
— VeChain Foundation (@vechainofficial) December 17, 2019
Major Purpose of the Partnership
According to the available information, the major purpose of the partnership is to notably reduce poverty in Anhui province, China.
Between 3rd and 4th December 2019, the leadership of the Anhui Tea Industry Association, known as the Forum of Poverty Alleviation in Yuexi County successfully held a General Council meetup.
The meetup ended with Vechain signing a partnership deal with the government-approved Anhui Tea Industry association. This is targeted at the speedy response to China government’s call for blockchain adoption in poverty alleviation.
It also meant to enhance the development of the tea industry throughout the region by seizing the available avenue to use VeChainThor blockchain technology.
The Project Direct of Vechain, Mr. Tian Xinli, was able to enlighten the available people in the forum regarding the use cases of VeChainThor blockchain made ready to be leveraged by the tea industry association.
According to the report, the Chinese province Anhui shared 62 million out of over 2 billion people that spread across China, and it is the 8th most populous province in China.
In terms of GDP according to the estimate inferred from 2017, Anhui Province has proven its worth by being positioned 12th among the provinces in China. The prevailing tea production in the province has also set it out of others, which now aided the much-needed partnership with Vechain to alleviate poverty using blockchain technology.
In a speech given by President Xi Jinping in October 2019, he implored the people of China to explore the opportunities presented by blockchain technology. The President also added that the nascent technology is applicable in virtually all disciplines.
The recently sealed partnership between VeChain and Anhui Tea Industry Association goes in line with the government’s interest in seeing developmental competition among other bodies in the industry via blockchain technology.
The partnership enables Vechain to use its technology in impacting tea producers and stakeholders in terms of productivity and efficiency in all stages of production.
Once the use cases of VeChainThor are in full functionality, it will concurrently increase competitiveness, efficiency, and output, which is expected to indirectly and positively impact the economy of the province