- The collaboration between VeChain and Walmart China has been tipped as one of the major collaborations to date.
- The partnership saw Walmart launching 23 product lines on its platform as it targets 100 by the end of the year.
VeChain (VET) has been the center of several transitions among companies from traditional processes to blockchain-motivated ways of operation. In a recent report, it was stated that one of Walmart China’s major collaborations to date has to do with its partnership with VeChain which saw the multinational retail corporation launching 23 product lines on the platform. This is part of its initiative to employ blockchain technology to enhance supply chain management.
According to reports, Walmart was expected to scale its product line to 100 by the end of the year. This implies that over 10 categories of products including fresh meat products, rice, mushrooms, cooking oil, etc could be featured. Walmart China’s traceability system is expected to see traceable vegetables accounting for 40 percent of sales of packaged vegetables. It is also expected to see traceable fresh meat accounting for 50 percent of the total sales of packaged fresh meat.
Walmart China’s Previous Challenge Highlighted
In a post dedicated to the blockchain journey of the company, it was disclosed that Walmart had challenges in 2016 in tracing a package of sliced mangoes to the source.
Vechain's collaboration with Walmart China 🇨🇳 for its #Blockchain Traceability Platform was featured in a recent article, 'FuturProof #224: Enterprise Blockchain – Walmart (10/10)' 🔖
Full Article 👇https://t.co/FiFgGIQHD7#vechain $VET #Crypto #Bitcoin $BTC #Technology #SCM pic.twitter.com/StiATSDcNs
— eisenreich (@eisenreich) December 6, 2023
Using the initial method, it took seven days to complete the tracking process. Interestingly, this challenge became a thing of the past after announcing a partnership agreement with IBM for a blockchain-based food traceability system. This saw the traceability time reduced to just 2.2 seconds.
Along the line, it established the Walmart Food Safety and Collaboration Center as part of the plans to focus on food safety research and leveraging technologies. It also collaborated with JD, IBM, and Tsinghua University to ensure that food safety in China is enhanced. As of 2018, about 25 products could be traced including “mangoes, leafy greens, and dairy products, directly back to their farms.”
VeChain and Walmart China’s Previous Collaboration
In 2019, Walmart launched a blockchain-based platform to address food safety concerns in China. VeChainThor blockchain was tasked to track the products. In that year, the Walmart China Blockchain Traceability Platform signing ceremony took place with Kevin Feng, Chief Operating Officer of VeChain commenting on its collaboration with the multinational retail corporation.
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, to generate a more transparent and reassuring consumption experience.
According to the post, the potency of blockchain technology in tracing contaminated products cannot be ignored. It can efficiently manage recalls and reduce waste. On top of that, it reduces waste through the provision of granular information about food items.
Walmart’s strategic and innovative use of blockchain technology underscores its commitment to quality, safety, and transparency in the food supply chain. This approach not only revolutionizes supply chain management but also sets a new standard in the retail industry, shaping the future of food traceability and safety.
As of press time, VeChain (VET) was trading at $0.026324 after taking an unexpected turn from bullish to bearish with a sentiment of 34/100. The asset is down by 4.3% in the last 24 hours.
