Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Under this new collaboration, VeChain will provide its entire blockchain infrastructure for real-time tracking of the products in Walmart’s supply chain.
In a major announcement, one of the U.S.’s largest retail companies Walmart has joined hands with VeChain blockchain platform. Tom Forth, Senior Director, Emerging Technology Labs at PwC, was the first to update on this partnership. VeChain, the Shanghai-based blockchain company will be providing the blockchain infrastructure to track all the goods in Walmart’s supply chain.
VeChain CEO Sunny Lu, soon took the opportunity to speak and said that he’s waiting for an official release. But in a series of tweets in the same thread, he goes to confirm the news and the benefits this partnership will bring to the market.
I really wan to wait for official release. And PwC Fellows are quite proud for what we have achieved together. https://t.co/inYlxpo9nO
— Sunny LU, VeChain (@sunshinelu24) June 25, 2019
However, the deal is between VeChain and retail giant’s Chinese subsidiary Wal-Mart China, according to local publication Chain News. It states that Wal-Mart China has already tested 23 products using the VeChain blockchain network. The retail giant notes that in the second half of 2019, it will be testing 100 other products across multiple categories like seafood, fresh meat, vegetables, and private labels.
The Chain News publication also states:
“…… by the end of 2020, traceable fresh meat will account for 50% of the total packaged fresh meat sales. Traceable vegetables will account for the overall packaging. 40% of vegetable sales, traceable seafood will account for 12.5% of overall seafood sales”.
Besides, Wal-Mart will work closely with suppliers to raise the awareness of using traceability systems for fresh food produce. Blockchain offers some important features of transparency and credibility which drives enterprises to adopt the technology. The VeChain blockchain network is developed on the premise of integrating the blockchain technology with the real world through ‘a comprehensive governance structure, a robust economic model, and advanced IoT integration’.
VeChain Price Shoots 40%
The excitement in the crypto community is quite visible as the VeChain (VET) price immediately shot by 40% post the news broke out. At the press time, VeChain (VET) is trading at a price of $0.01 with a market cap of $550 million. Its price is 38% higher compared to it was 24 hours back.
With today’s price surge, VeChain extends its year-to-date gains by over 150%.
Note that this is not for the first time that VeChain is working with a retail giant. Last month in May 2019, China’s food manufacturing giant ‘Bright Food’ tested like tracking for its product – Cupid Farm Milk. The live tracking took place using a BrightCode, a blockchain solution built atop the VeChainThor blockchain network.
Also, Thailand’s largest bank Siam has praised VeChain for its proof-of-authenticity consensus model. Siam notes that VeChain is a potential blockchain player when it comes to quality assurance.
Crypto Projects like VeChain which remained in the shadow for a long time are recently coming into limelight after years of significant efforts. Recently, Google and ThunderCore announced its collaboration with Oracle blockchain service provider Chainlink to integrate blockchain platforms with cloud platforms for automated smart contract execution for enterprises.