(Yicai Global) Feb. 1 -- Joyvio Agricultural Development Co., a unit under China's largest fruit company, plans to team up with a Beijing-based tech firm to create a blockchain-based credit system for the farming industry chain.
The Hunan-based firm struck a deal with Huicong International Information Co., it said in a statement yesterday. Under the agreement, Huicong will build complete technical solutions for Joyvio, including using blockchain to track produce and develop a credit system which can resolve payment issues arising from supply deals.
Blockchain, a digital ledger which holds public records of transactions, is best known for its role in cryptocurrencies, but has a wide array of uses. One firm even hopes to crack down on voter fraud using the technology. Despite shutting down local virtual currency exchanges, China is keen to press on with blockchain development and more and more venture capital firms are banking on its success.
The pair also plan to form a cross-border industrial chain for valuable transactions in agriculture and draw up standards for blockchain in the industry.