Walmart China’s blockchain food traceability platform ready to roll
Walmart China announced an initial list of 23 product lines that have been tested using a new blockchain format — VeChain — and are ready to be launched. The announcement came June 25. The project is a collaboration between Walmart China, China Chain-Store & Franchise Association (CCFA) and PwC Inner Mongolia Kerchin.
VeChain is expected to scale by another 100 product lines by the end of the year covering more than 10 product categories including fresh meat product, rice, mushrooms, cooking oil, etc.
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.
VeChain’s blockchain technology is enabling Walmart China to implement a traceability strategy for products and lead the large-scale application of blockchain traceability. 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 other information. Data collection and data availability are to be continually added to the scale of the platform and its use of blockchain technology.
Launched in 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong and San Francisco.