The collaboration between VeChain and Walmart China has been hailed as one of the most significant partnerships to date. As part of this collaboration, Walmart has already launched 23 product lines on its platform, with plans to reach 100 by the end of the year. VeChain (VET) has played a central role in helping companies transition from traditional processes to blockchain-based operations. In their partnership with Walmart China, VeChain has enabled the multinational retail corporation to employ blockchain technology for enhanced supply chain management. This initiative aims to improve traceability and transparency in the food industry.
Walmart China’s traceability system is expected to have a significant impact on the sales of packaged vegetables and fresh meat. The goal is for traceable vegetables to account for 40 percent of packaged vegetable sales and traceable fresh meat to account for 50 percent of packaged fresh meat sales. This will provide consumers with greater confidence in the safety and origin of the products they purchase.
In the past, Walmart China faced challenges in tracing the source of certain products, such as sliced mangoes. However, these challenges were overcome through partnerships with companies like IBM, which provided a blockchain-based food traceability system. This system reduced the time it took to trace products from seven days to just 2.2 seconds. Walmart also established the Walmart Food Safety and Collaboration Center and collaborated with JD, IBM, and Tsinghua University to further enhance food safety in China.
In 2019, Walmart launched a blockchain-based platform in China to address food safety concerns. VeChainThor blockchain was chosen to track the products, and a signing ceremony took place to celebrate the collaboration between VeChain and Walmart China. The partnership aims to promote the traceability of fresh food and provide innovative solutions through digital technology.
The use of blockchain technology in the food industry has proven to be highly effective in tracing contaminated products, managing recalls, and reducing waste. It provides detailed information about food items, ensuring transparency and safety throughout the supply chain.
Walmart’s strategic and innovative use of blockchain technology sets a new standard in the retail industry and demonstrates its commitment to quality, safety, and transparency. This collaboration with VeChain is shaping the future of food traceability and safety.
As of now, VeChain (VET) is trading at $0.026324, experiencing a shift from bullish to bearish sentiment with a score of 34/100. It has seen a 4.3% decrease in the last 24 hours.
Overall, VeChain’s partnership with Walmart China is a significant step forward in revolutionizing supply chain management and ensuring the safety and transparency of the global food supply chain.