VeChainThor Coin (VET) blockchain project allies with Walmart China and the announcement of the alliance was published in the press release on June 25 by VET. The Senior Director of Emerging Technology Labs, Tom Foth with PwC has also shared the news.
The alliance with the blockchain technology Walmart plans to track its food through its supply chain. This would help in improving food safety and quality management in the tracking of the foods. The customer will be able to track and get information about the product such as the date when the product was picked, the delivery time, storage conditions, the place of origin etc. This alliance is a joint operation by Walmart China, VeChainThor Coin, PricewaterhouseCoopers, Cattle company Inner Mongolia Kerchin, and the China Chain-Store & Franchise Association.
The Chinese branch of the Walmart China Blockchain Traceability Platform claims that it already has tested 23 products and has a goal of completing testing of 100 more products in the coming year.
The press release said, “It is expected that 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. ”
“VeChain will work with Walmart China to actively take heed of the call of the government, by utilizing technology to promote the traceability of fresh food, and to provide innovative solutions for the traceability platform through digital technology, so as to generate more transparent and reassuring consumption experience,” said Kevin Feng, COO of VeChain.
VeChainThor Coin was launched in the year 2015, and its main aim is to connect the blockchain technology and the real world. Also, the stock prices of VET have been increased significantly, i.e., up to 32% within the 24 hours of the announcement. Walmart is the largest multinational retail corporation which operates a chain of hypermarkets, discount department stores and the grocery stores and with this alliance, Walmart would be benefitted and will prove to be fruitful in the long run.