The latest cryptocurrency news show Walmart China with new initiative – tracking food through its supply chain with VeChain’s Thor blockchain. According to an official press release published by VeChain on June 25, the company is ready to step into a new venture.
In fact, the release notes that Walmart China Blockchain Traceability Platform (WCBTP) is what is in question – as a joint venture between Walmart China, VeChain, Pricewaterhousecoopers (PwC), a cattle company named Inner Mongolia Kerchin as well as the China Chain-Store and Franschise Association. Many best cryptocurrency news sites have reported about WCBTP – and the project was additionally announced at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar.
The seminar was again jointly organized and held by Walmart China and the CCFA in Beijing. So far, the company has revealed 23 product lines that will be tracked by the system – and the plans show that there could be another 100 products released in further inclusion. The plans are to cover more than 10 product categories.
In the press release, Walmart China claims that they expect the track sales to be significant in volume, stating:
“It is expected that the 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.”
Currently, VeChain is among the companies on the list of the first 197 companies that have been officially authorized in the China cyberspace administration – as registered blockchain service providers – in a release that was everywhere in the altcoin news this April.
Walmart China is ready to make most of this new initiative. However, the company (Walmart) as a trademark is no stranger to blockchain or distributed ledger technologies (DLT).
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In October 2016, the company started collaborating with IBM on a blockchain-based system that could identify as well as flag recalled foods.
Ever since then, Walmart took part in many patents and trials related to DLT and blockchain. Some of them included tracking meat in China, delivery drones, live food as well as patenting smart deliveries in the US.
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