The partnership between VeChain and Walmart China is being hailed as a significant collaboration. As part of this partnership, Walmart has launched 23 product lines on its platform, with the goal of reaching 100 by the end of the year. VeChain, a blockchain technology company, has played a central role in helping companies transition from traditional processes to blockchain-driven operations.
By employing blockchain technology, Walmart aims to enhance its supply chain management. Reports suggest that Walmart plans 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 aims to have 40% of packaged vegetable sales and 50% of packaged fresh meat sales traceable.
Walmart China faced challenges in tracing the source of a package of sliced mangoes in 2016. However, this problem was resolved after partnering with IBM to implement a blockchain-based food traceability system. The traceability time was reduced from seven days to just 2.2 seconds.
Walmart has also established the Walmart Food Safety and Collaboration Center and collaborated with JD, IBM, and Tsinghua University to enhance food safety in China. In 2018, they were able to trace 25 products, including mangoes, leafy greens, and dairy products, back to their farms.
In 2019, Walmart launched a blockchain-based platform to address food safety concerns in China, with VeChainThor blockchain tracking the products. The signing ceremony for the Walmart China Blockchain Traceability Platform took place, with VeChain’s Chief Operating Officer, Kevin Feng, expressing enthusiasm about the collaboration.
Blockchain technology has proven to be effective in tracing contaminated products, managing recalls, and reducing waste by providing detailed information about food items. Walmart’s use of blockchain technology demonstrates its commitment to quality, safety, and transparency in the food supply chain.
As of now, VeChain (VET) is trading at $0.026324, experiencing a shift from bullish to bearish sentiment with a 34/100 rating. The asset has decreased by 4.3% in the last 24 hours.