VeChain and Walmart decided to work together in order to be able to track supply chain products using a blockchain system. The information was released on Twitter by Tom Forth, Senior Director, Emerging Technology Labs at PwC.
VeChain Works With Walmart To Track Products
The CEO of VeChain, Sunny Lu, said that he is waiting for an official release about this new partnership between these companies. In a series of tweets, he confirmed the information and shared some of the benefits of the current partnership between VeChain and Walmart.
At the moment, the new project is going to be carried out by VeChain and the Chinese subsidiary of the retail giant, Wal-Mart China. According to local reports, Wal-Mart China has tested 23 different products using the VeChain blockchain network. In the future, they are also going to be testing other 100 products in different categories such as seafood, fresh meat, vegetables and also private labels.
I really wan to wait for official release. And PwC Fellows are quite proud for what we have achieved together. https://t.co/inYlxpo9nO
— Sunny LU, VeChain (@sunshinelu24) June 25, 2019
Chain News wrote about the new project:
“ […] By the end of 2020, traceable fresh meat will account for 50% of the total packaged fresh meat sales. Traceable vegetables will account for the overall packaging. 40% of vegetable sales, traceable seafood will account for 12.5% of overall seafood sales.”
Moreover, Wal-Mart is also going to be working closely with suppliers in order to raise awareness of using traceability systems for fresh food. The intention is to integrate distributed ledger technology (DLT) through a comprehensive governance structure and a robust economic model, among other things.
This new partnership between VeChain and Walmart is very important for the market in a moment in which altcoins are generally falling compared to Bitcoin. At the time of writing this article, VET is traded around $0.00916 and it has a market capitalization of over $508 million. In the last 24 hours, the virtual currency expanded 27.12%, registering the third largest growth among the top 100 cryptos.
VeChain has been working in the past with other companies such as China’s food manufacturing giant “Bright Food.” Moreover, Thailand’s largest bank Siam has praised VeChain for its proof-of-authenticity consensus model. As Siam explains, VeChain is a potential blockchain player in terms of quality assurance.
There are also other retail stores around the world that are working with blockchain technology to improve the quality of the services they provide to users. For example, Carrefour implemented a blockchain solution to track some of its products.
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