Right after the President of China Xi Jinping gave an acclaimed speech of the blockchain that VeChain uses in October 2019, we can see further developments and greater recognition for VET’s technology. In the blockchain news today, we can see that VeChain and Walmart China officially agreed to expand the use of the VeChainThor blockchain for supply chain tracking.
Without doubt, we can see that the VeChain Foundation is actively working as one of the best blockchain companies from which the Chinese economy can profit. On the other hand, Walmart is one of the largest partners of the blockchain in China – and one that is seeing the coin’s true potential.
— MiRei (@MiRei83_) May 20, 2020
As reports by CNF show, VeChain and Walmart China launched the Walmart China Blockchain Traceability Platform (WCBTP) based on the VeChainThor blockchain at the end of 2019 as a joint venture with the auditing giant PricewaterhouseCoopers (PwC), as well as the Inner Mongolia Kerchin and the China Chain-Store & Franchise Association. The first batch of 23 products was tested at the end of 2019 – and several hundred products in 10 different food categories were added in February.
All of this would regularly bring new products to the Chinese markets. As a result of the expansion, Walmart China related transactions have increased significantly on the VeChainThor blockchain.
Newest updates in the VeChain news reveal that the VeChainThor blockchain and WCBTP are becoming more and more popular in the Walmart China chains. Information from an enthusiast following these updates named @MiRei83_ on Twitter also shows that the cooperation was expanded and “products that were offline since Q4 2019 came back online.”
Yesterday was a big day for #vechain blockchain. Not only did it process an amount of transactions that weren‘t seen in a long time but these can also be connected to #walmart food safety program. Products that were offline since Q4 2019 came back online. https://t.co/qSEYen6P9y
— MiRei (@MiRei83_) May 15, 2020
Using the QR code, customers can access detailed information about the product and trace the entire supply chain. Each product contains a wealth of important information including weight and place of origin, which can be read out free of charge.
By the end of 2020, more than 50% of packaged fresh meat, 50% of packaged vegetables and 12.5% of all seafood sales recorded on the platform are intended to be tracked with VeChainThor. Clearly, this is one of the examples of how blockchain technology can help with food tracking.
It seems like VeChain and Walmart China are excited to announce even more news and updates in the future, once all of the developments are recognized and used by more consumers in the country. The VET cryptocurrency has already gained acceptance in China.
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