The collaboration between VeChain and Walmart China is being hailed as one of the most significant partnerships thus far. This partnership has resulted in Walmart launching 23 product lines on its platform, with a goal of reaching 100 by the end of the year. VeChain (VET) has played a pivotal role in helping companies transition from traditional processes to blockchain-driven operations. The partnership with Walmart China is a prime example of this, as it has enabled the multinational retail corporation to utilize blockchain technology to improve supply chain management.
Reports indicate that Walmart aims to expand its product line to include over 10 categories of products, such as fresh meat, rice, mushrooms, and cooking oil. The company’s traceability system is expected to ensure that 40 percent of packaged vegetable sales are from traceable sources, while 50 percent of packaged fresh meat sales are traceable. This initiative demonstrates Walmart China’s commitment to enhancing transparency and accountability in its supply chain.
In the past, Walmart faced challenges in tracing the source of sliced mangoes in 2016. However, this problem was resolved after partnering with IBM for a blockchain-based food traceability system. The use of blockchain technology significantly reduced the traceability time from seven days to just 2.2 seconds.
Walmart has also taken additional steps to prioritize food safety research and leverage technologies. The establishment of the Walmart Food Safety and Collaboration Center and collaborations with JD, IBM, and Tsinghua University are part of these efforts. As of 2018, approximately 25 products, including mangoes, leafy greens, and dairy products, could be traced back to their farms.
In 2019, Walmart launched a blockchain-based platform in China to address food safety concerns. VeChainThor blockchain was chosen to track the products, and the signing ceremony for the Walmart China Blockchain Traceability Platform took place. VeChain’s Chief Operating Officer, Kevin Feng, expressed enthusiasm about the collaboration, highlighting the importance of utilizing technology to promote food traceability and provide innovative solutions for a more transparent consumer experience.
The post emphasizes the benefits of blockchain technology in tracing contaminated products, managing recalls, and reducing waste through detailed information about food items. Walmart’s strategic use of blockchain technology not only revolutionizes supply chain management but also sets a new standard for transparency and safety in the retail industry.
At the time of writing, VeChain (VET) is trading at $0.026324, experiencing a shift from bullish to bearish sentiment with a 34/100 rating. The asset has seen a 4.3% decrease in the last 24 hours.
In conclusion, VeChain’s collaboration with Walmart China represents a significant milestone in the adoption of blockchain technology in supply chain management. The partnership has allowed Walmart to enhance traceability and transparency in its product lines while demonstrating its commitment to quality and safety. The use of blockchain technology has proven to be instrumental in addressing food safety concerns and improving the overall consumer experience.