Walmart China To Track Food Using VeChain’s Thor Blockchain

News | June 26, 2019 By:

Walmart China will be using VeChain’s Thor blockchain to track food through its supply chain.

During the 2019 China Products Safety Publicity Week Traceability System Construction Seminar, VeChain announced that its Thor blockchain will power the Walmart China Blockchain Traceability Platform (WCBTP), which is a joint venture by Walmart China, VeChain, PricewaterhouseCoopers (PwC), cattle company Inner Mongolia Kerchin, and the China Chain-Store & Franchise Association.

VeChain revealed that WCBTP has already 23 product lines with more than 100 product lines following in the second half of this year, covering more than 10 categories. The goal is to have 50% of Walmart’s packaged fresh meat, 50% of its packaged vegetables, and 12.5% of all seafood sales tracked on the platform by the end of 2020.

“VeChain’s blockchain technology is enabling Walmart China to implement a traceability strategy for products and pioneer the large-scale application of blockchain traceability,” VeChain said. “By scanning the desired products, customers can acquire detailed information, including the source of the scanned products and geographic location received by Walmart, logistics process, product inspection report, and many more data points. Data collection and data availability are to be continually added to the scale of the platform and its use of blockchain technology.”

Kevin Feng, Chief Operating Officer of VeChain, said that the launch of WCBTP 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,” Feng said.

Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China, said that Walmart has continuously invested in the whole supply chain, from source procurement and commodity strategy, supply chain construction, to store and e-commerce platform operation management to provide reliable products of quality and convenient services to customers.

“We use digital methods to improve efficiency and transparency, providing products and services of quality to customers and making life better for busy families in China,” Jiaqi said.