vechain

Walmart China Subsidiary and VeChain Sign Partnership to Improve Product Traceability

· in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

VeChain (VET) and Sam’s Club have partnered in order to improve food traceability in the Chinese market. The goal is to improve consumers’ safety and reduce low-quality products reaching the buyers. Sam’s Club is one of the Walmart subsidiaries in China

Moreover, consumers will also have the chance to have more information about the products they are buying, where they were produced and under which conditions were transported. 

Sam’s Club Consumers to Get Products Trades with VeChain

Blockchain networks have been expanding all over the world in the last years and VeChain is not the exception. This blockchain network was able to partner with several companies in order to promote transparency and better solutions in terms of food traceability. 

Back in 2018, we reported at UseTheBitcoin that VeChainThor blockchain was going to be powering the Walmart China Blockchain Traceability Platform called (WCBTP). This was going to be supported by PwC Inner Mongolia Kerchin and also the China Chain-Store & Franchise Association. 

Now, Sam’s Club works with 2.5 million customers and it has 26 different outlets in China. The firm wants to continue its expansion and launch new outlets in the country. In this way, up to 20 new shops may be ready to start offering products controlled and traced by blockchain technology using VeChain’s solutions. 

Compared to China’s WCBTP, Sam’s Club will be working with another platform called VeChain ToolChain rather than the VeChainThor blockchain. In this way, the retailers will have the possibility to have information about the products they handle automatically uploaded onto the network. This is done by relying on Internet-of-Things (IoT) solutions and hardware sensors. 

Some of the products that are going to be affected and traced include “imported seafood, meat, wine and dry goods.” These are considered to be premium products by Sam’s Club. Blockchain technology can certainly be used to track information without being modified by third parties or changed by malicious users. 

This is going to make it easier for Sam’s Club to protect consumers and also to allow buyers to have better information regarding the products that they are purchasing. While this project will start in just some stores, it would reach a larger number of shops in the future with the intention of covering more products, and reaching new clients. 

VeChain (VET) is currently the 30th largest cryptocurrency in the market and it has a valuation of $0.006912. Meanwhile, it has a market capitalization of $383 million. 

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