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VeChain and Mastercard show support for the Asia Pacific Provenance project. The council has received millions of funds to support financing pilots. It will also track the exports between the two regions. 

Asia Pacific Provenance Council focuses on bodies in the blockchain. Also, packaging and finance sectors. Their goal is to provide end-to-end authentication. It will also provide proof of the origin and existence of products.  The not-for-profit consortium also provides trade finance solutions and traceability. That is, of the regions' food, agricultural, and beverage industries.

Unlike other blockchains, VeChain supports the supply chain. The blockchain's design goal is to streamline the procurement processes. This is by ensuring that there is a free flow of information, even for the most complex supply chains. 

The blockchain comprises two tokens, VeChainThor Energy (VTHO) and VeChain Token (VET). The former powers VeChain smart contracts. The latter are the tokens used to transfer value across the blockchain's network. The blockchain's architecture creates transparent business ecosystems. A smooth flow of information also characterizes it. There are also high-speed transfers and efficiency in collaboration. The existing Australia-China supply chain has into silos. This has interfered with the flow of information. 

VeChain and Mastercard collaboration will address the issue of the asymmetric flow of information. This is by allowing businesses to own their data in a way that empowers them. 

How will Vechain and Mastercard support Australia's and China's new supply chain project?

The Asia Pacific Provenance Council aims at enhancing supply chain traceability. This will generally improve the export business in the region.

An alliance of the three parties will go a long way in making this possible. Understanding the role of the bodies is vital. It will help you underst...

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Stay tuned!— VeChain Foundation (@vechainofficial) April 16, 2021