VeChain announced on 25 June about its collaboration with a consortium of companies to introduce Walmart China Blockchain Traceability Platform.
VeChain clarified that the blockchain traceability platform was built on VeChainThor blockchain. The consortium includes Walmart China, China Chain-Store & Franchise Association (CCFA), PwC, Inner Mongolia Kerchin Co., Ltd., and VeChain. The announcement came about at a seminar jointly organized by Walmart China and the CCFA in Beijing. VeChain conveyed that with the announcement there have been 23 product lines tested and launched on the platform.
Kevin Feng, Chief Operating Officer of VeChain commented –
“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. 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 shared insight into using blockchain traceability for food safety. While this would be beneficial for food and its supplements, on the bigger picture it would be helpful for large scale deployment of blockchain systems. VeChain noted that by scanning the products, vital parameters related to tracking, geographic location, source of the scanned products and logistics process are some of the data points that are collected.
Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China upheld Walmart and its services. Shi expressed that Walmart always looked forward to providing the best products and convenience to its customers. Shi opined that with the combination of high technology such as blockchain traceability, they are further making life better for busy families in China. Shi highlighted that Walmart had always focused on all aspects of the supply chain.
The retail giant Walmart shared news about collaborating with IBM, KPMG, and Merck to evaluate the use of blockchain to protect pharmaceutical product integrity. Walmart expressed that the companies had been selected by the United States Food and Drug Administration (FDA).
VeChain signed off by informing about a few of its key industry engagements. VeChain has broad plans to have a healthy amalgamation of blockchain technology with real-world problems while also providing robust features. Some of these features include a comprehensive governance structure, robust economic structure, and the Internet of Things (IoT) integration. VeChain has expanded globally and has a base in some of the world’s leading destinations.