VeChain News Today – Headlines for May 22

  • VeChain and Walmart China expands cooperation
  • Walmart China uses VeChainThor for supply chain tracking
  • Walmart’s transactions have increased on VeChainThor

VeChain News Today – Walmart China, one of the biggest VeChain partners, decided to expand its use of VeChainThor for supply chain tracking. Walmart China reportedly launched the WCBTP (Walmart China Blockchain Traceability Platform). WCBTP is based on VeChainThor’s Blockchain.

It was launched at the end of 2019 via a joint venture with PWC (PricewaterhouseCoopers), the China Chain-Store & Franchise Association, and Inner Mongolia Kerchin. The first set of 23 products have already been tested at last year-end. Hundreds of products in ten food categories were included in February, 2020.

Walmart China Expands it’s Use of VeChainThor

A recent update indicates that VeChainThor and WCBTP have become more known at Walmart China. Per information issued by one VeChain enthusiast on Twitter, new items provided by VeChain’s supply chain are integrated regularly at Walmart China. Twitter user “miRei” shared a video about the packaging of local quail eggs with VeChain’s tracking solution.

The video also shows that the quail eggs have QR codes, which allows scanning to determine its origin and supply at Walmart China’s Sam’s Club. According to another Twitter user, transactions on Walmart China have increased recently on VeChainThor’s Blockchain. The increasing sum of products that are reportedly tracked via VeChainThor’s Blockchain is likely an explanation for this. With the QR code, consumers can easily gain access to information about the product. They can also trace the supply chain.

Each product comes with a wealth of important information, including weight and region of origin. It is also possible for consumers to accurately trace when the product leaves its location and the last station the product passed to get to consumers.

VeChain Expands its Acceptance in China

By the end of this year, more than 50% of packaged fresh meat, 50% of packaged vegetables, and 12.5% of seafood sales recorded on VeChainThor’s tracking solution are intended to be tracked using the latter. Walmart is one of many Chinese entities in partnership with the VeChain Foundation.

Back in April 2020, VeChain entered a collaborative effort with Chinese natural gas giant Shanghai Gas. The goal of that partnership was to create an “Energy-as-a-Service” system. Last December, the Chinese General Council of Anhui Tea Industry Association became a partner of VeChain. In this framework up no less than 670 Chinese entities from the tea industry could potentially depend on VeChainThor’s Blockchain for supply chain tracking.

Additionally, two weeks ago, it was announced that the VeChain Blockchain will become the sole public protocol for the APAC Provenance Council. This arrangement is part of a goal to build a Blockchain-backed food supply chain system for the Chinese- Australian trade routes.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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