Walmart China Partners with VeChain, PwC on Food Safety
Walmart China has launched a blockchain-powered traceability platform focusing on food safety, in combination with the Shanghai-based blockchain firm VeChain, PwC and others.
According to the press release published on June 25, the Walmart China Blockchain Traceability platform, built on the VeChainThor Blockchain, already has 23 product lines tested and launched, with more than 100 product lines following in the second half of this year, covering more than 10 categories including fresh meat, 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.”
As a country with a populated greater than 1 billion, food security has always been an important issue in China, especially after those food scandals like malamine-laden milk powder and cooking oil made from gutter oil.
The initiative of the Chinese arm of the U.S. supermarket giant to address food safety concerns by leveraging the tamper-proof blockchain technology shows its ambition to increase their brand value and win consumers’ trust in the country.
“We believe that Walmart’s Blockchain Traceability System will be an excellent example of blockchain technology applied in the retail industry, helping to improve food safety and quality management, and providing a strong guarantee for building consumer trust.” Elton Yeung, strategy and innovation lead at PwC Mainland China and Hong Kong, said in a press release.
VeChain said its blockchain technology would enable Walmart to take the lead in traceability management among retail peers. Launched in 2015, VeChain, an enterprise-focused blockchain ecosystem that aims to supply chain management, is among the first batch of 197 officially registered blockchain service providers that China’s cyberspace administration authorized in April.
The announcement of the partnership soon had a bullish effect on VeChain (VET) which reached a high above $0.01 after increasing by more than 30% in hours. As of press time, a VET is traded at $0.0096, gaining 14.56% in the last 24 hours.