Walmart China Partners with VeChain for Blockchain Platform

Walmart China has entered into a partnership with VeChain to develop a blockchain platform to track food items in the supply chain. According to a press release, this announcement came during the 2019 China Products Safety Publicity Week Traceability System Construction Seminar in Beijing. The new Walmart China Blockchain Traceability Platform, built on the VeChainThor blockchain, will be developed under the umbrella of Walmart China, VeChain, China Chain-Store & Franchise Association (CCFA), PwC and Inner Mongolia Kerchin Co. 

VeChain’s blockchain technology is helping Walmart China to implement a traceability strategy for products. By scanning the desired products, customers can acquire important information about the food products such as the source, geographic location, logistics processes, and product inspection reports among others. 

Kevin Feng, COO of VeChain said,

“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 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.”

According to the information available, 23 products have been added and tested on the Walmart China Blockchain Traceability Platform. The company is expected to add 100 product lines across more than 10 product categories by the end of this year. The product categories include items such as fresh meat, rice and cooking oil, among others. The platform is built to address food safety concerns in the country.

Walmart has shown a keen interest in blockchain technology since 2016 when it worked with IBM on a DLT system to safely store food products. 

Will other FMCG companies follow suit? 

(Image Credit: VeChain Press Release)

Leave a Reply

Your email address will not be published.