Walmart China will be employing VeChain’s Thor blockchain in order to track food through its supply chain, as revealed by a VeChain in a press release published on June 25.
As per the release, Walmart China, VeChain, cattle company Inner Mongolia Kerchin, PricewaterhouseCoopers (PwC), and the China Chain-Store & Franchise Association have co-created the Walmart China Blockchain Traceability Platform (WCBTP).
The WCBTP was reportedly announced at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar that was jointly organized by Walmart China and the CCFA in Beijing.
Walmart China has already revealed the 23 product lines that will be tracked by the system. Further, the platform plans to add another 100 products, covering over 10 product categories. As per the press release, the company expects that tracked sales will be significant in volume:
“It is expected that the Walmart China’s traceability system will see traceable fresh meat account for 50% of the total sales of packaged fresh meat, traceable vegetables will account for 40% of the total sales of packaged vegetables, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020.”
China’s cyberspace administration released a first list of 197 companies authorizing them to register blockchain service providers in April, VeChain is amongst the listed companies.
Walmart has been exploring the use cases of distributed ledger technology (DLT) for a while. In October 2016, the company collaborated with IBM for a blockchain-based system that could identify and flag recalled foods.
Read more:Latin American Banks Explore Ripple’s Cross-Border Payments Technology
Image Source – Stock Photo Secrets
Bitcoin Price Analysis – Will BTCUSD Soar to $12,000?
Ethereum Price Analysis – ETHUSD Likely to Decline
Ripple Price Prediction – XRPUSD In a Bearish Trend
Litecoin Price Analysis – Will LTCUSD Further Depreciate to $110?
Bitcoin Cash Price Outlook – Will BCHUSD Rise to Retest $500?
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
