Walmart Unveils Blockchain Traceability Platform Built on VeChainThor
VeChain has recorded yet another remarkable stride in its adoption and use case following an announcement that retail giant, Walmart’s, China Blockchain Traceability Platform has been built on VeChainThor. The announcement was made on June 25 at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar.
Confirming the announcement on Twitter, VeChain expressed their optimism in IoT and traceability management becoming the norm in the supply industry.
We are proud to announce that the Walmart China Blockchain Traceability Platform is now powered by VeChainThor Blockchain! With PwC, we believe IoTand IR4.0-based traceability management will be a norm in the retail and supply chain industries.
Walmart China will be using VeChain’s tech to enable blockchain product traceability. Consumers will be able to pull up vital information regarding a product by simply scanning it. Data points such as the geographical location, the product inspection report, and logistics process can be readily pulled up from the blockchain.
23 product lines have already been tested and launched on the Platform. It is expected that the platform will add an extra 100 product lines by the end of the year. The COO of Vechain, Kevin Feng, added:
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.
Data on CoinMarketCap reveals that VeChain has increased by over 30% within 24 hours, following the announcement. As at press time, VeChain had gained over 29%. It appears the crypto community is enthusiastic about how high VeChain can go.