Walmart’s China Blockchain Platform Is Now Powered by VeChain (VET)

Sunny Lu at VeChain launch day, Shanghai (YouTube / Screenshot)

The Chinese arm of retail giant Walmart (WMT) has reportedly partnered with Singapore-based enterprise blockchain platform VeChain (VET), bringing its traceability platform to the VeChain network.

According to the announcement, VeChain’s platform is enabling Walmart China to implement a traceability strategy for products and pioneer the large-scale application of blockchain traceability.

The official news was released during the 2019 China Products Safety Publicity Week Traceability System Construction Seminar, and Walmart indicates that it already has 23 product lines that have been tested and launched on the VeChain platform.

“As the world-leading enterprise-public blockchain platform, VeChain aims to empower enterprises in the large-scale digitization process by providing safe and mature blockchain deployment solutions and promote the wide application of blockchain technology,” said VeChain COO Kevin Feng. “We achieve this while putting forward new insights for the development of the businesses’ ecosystems. The launch of the Blockchain Traceability Platform by Walmart China, the world-class retail giant, is of great significance to the commercial application of blockchain technology. 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.”

Walmart plans to scale by another 100 product lines by the end of the year covering more than 10 product categories including fresh meat product, rice, mushrooms, and cooking oil.

As we previously reported, Walmart has been testing its new blockchain system, which was originally developed by International Business Machines Corp (IBM), for the past two years. Walmart will require farmers, logistics firms and business partners of these suppliers join the blockchain network by September 30, 2019

“Walmart has always worked to provide reliable products of quality and convenient services to customers, which is our core value proposition,” Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China, added in the announcement. “With this target in mind, Walmart has continuously invested in the whole supply chain, from source procurement and commodity strategy, supply chain construction, to store and e-commerce platform operation management. We use digital methods to improve efficiency and transparency, providing products and services of quality to customers and making life better for busy families in China.”

As a result of the news, VET is currently up nearly 35%, bringing the large-cap altcoin to a $529 million market cap.

More: Walmart China Takes on Food Safety with VeChainThor Blockchain Technology

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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