Olive Times Blockchain Traceability

Based in the Gansu Province, the most prestigious olive production region in China, Olive Times has launched an ultra premium extra virgin olive oil; Special-Olive. 

To ensure the authenticity of origin, freshness of product and earn trust among domestic consumers, Olive Times is now working closely with VeChain to roll-out traceability across their entire Special-Olive product line using VeChain’s Blockchain-as-a-Service (BaaS) platform.

VeChain’s combination of blockchain and data quality services allow the brand to upload data at key stages of production, including the crushing and extraction, quality certification and acidity data onto the VeChainThor public blockchain in a trustless manner.

“Extra-virgin olive oil consumption in China is increasing at a significant pace,” said Argentine agronomic engineer, Pablo Canamasas. “Particularly in big cities and in a segment of the population aged 25-35 that has traveled abroad and is more exposed to the Mediterranean diet or has heard of it.”

According to an IBM study, 71% of consumers are willing to pay an additional average premium of 37% for companies offering full transparency and traceability. While the food supply chain is one of the most complex and fragmented supply chains, 70% of firms have “visibility gaps” between the initial supplier and internal clients’ systems.

Source: Press release from VeChain Official

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