VeChain, Mastercard, and Alipay have joined the list of prominent backers supporting the new APAC Provenance Council. The Council is looking to explore Australia’s $76 billion export market to China.

The Alliance has already secured millions in funding and will be using blockchain to authenticate and track food and drink products going from Australia to China. While Mastercard will take care of trade financing outside of China, Alipay will take care of things at the Chinese end. Vechain, on the other hand, will provide product tracking on a public blockchain while Mastercard’s Provenance service will be used as a permissioned ledger.

Rather than waiting for settlements to be cleared in over 30 days, the consortium will enable instant payments at various stages of the supply chain. For example, 30% can be made at the point of clearing the shipment in Australia, another 30% when it gets to the Chinese customs, and the remainder, upon delivery.

Speaking on the alliance, the CEO of VeChain Sunny Lu said:

The implementation of blockchain technology certainly contributes to buffering the immediate economic impacts of the pandemic for enterprises, and will help improve productivity by unleashing more resources and growth opportunities.

In addition to blockchain and finance companies like VeChain, Alipay, and Mastercard, the alliance also features other partners from the food industry, standard agencies, as well as packaging and labeling service providers.