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 Yunnan during the 2020 Phoenix Nest Ancient Tree Spring Tea New Product Launch Conference in Kunming. Yunnan will use the platform to manage quality control, sales, and loan financing operations on 42,000 hectares of farmland across the Chinese province.
The company will track $2.5 billion worth of tea products using blockchain.
Yunnan province is famous for its dark, fermented variety of tea. According to reports, it’s the major Chinese agricultural products exporter, and it hit almost $33 million in 2018. Reportedly, the Chinese Pu’er tea industry’s products yield a total of $2.5 billion on average. By scanning QR codes within the blockchain-powered platform, customers may be able to review each product’s raw material base, production process, warehousing, quality testing, product sales, financial support, and other data.
The Pu’er tea industry’s interest in the blockchain technology dates back to 2019. The Chinese province wanted to integrate traceability solutions based on blockchain technology from some time. So far, 25 products from 25 companies have been launched through the platform, and the province hopes to further innovate in the future.
Authorities take a serious look at blockchain amid the pandemic.
The blockchain technology has attracted lawmakers from around the world in the last few months amid the global pandemic. The technology that underpins most cryptocurrencies has proven use cases in many fields. The technology removes the need for paperwork and reduces human physical contact, which is very beneficial in the time of a global pandemic. Earlier, the People’s Bank of China proposed a blockchain-based trade finance platform for the Guangdong-Hong Kong-Macao Greater Bay Area. Its emphasis would be on global trade and finance. The blockchain technology is currently being tested and used in several fields in many countries.
