Walmart To Use Thor To Track Food Supply Chain

Must Read

Anonymous Developer Builds Unofficial Blockchain Explorer For VeChainThor – VeChainThorScan

An anonymous developer has published an unofficial web app called VeChainThorScan that poses as a blockchain explorer for...

Matic Network Announces Stake Capital As Official Staking Partner

Matic Network, the blockchain scalability platform has formally announced Stake Capital, the DeFi service provider as the official...

Huobi Group Steps Up To Help Corona Virus Victims By Donating 10 Million For Medicine And Health

Huobi Group is a leading cryptocurrency exchange firm based out in Singapore, focusing on the digital economy and...
5d946d8cbd798-bpfull
Umme Haani
Vinayak Buckshee is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.

On 25th June 2019, VeChain released a press release stating that Walmart China will be using VeChain’s Thor blockchain to track food through its supply chain. This measure has been undertaken by Walmart China aimed to address food safety concerns in the country.

Per the release, the Walmart China Blockchain Traceability Platform (WCBTP) will be a joint venture by Walmart China, VeChain, PricewaterhouseCoopers (PwC), cattle company Inner Mongolia Kerchin, and the China Chain-Store & Franchise Association. WCBTP has been reportedly announced at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar jointly organized by Walmart China and the CCFA in Beijing.

The new Walmart China Blockchain Traceability Platform already has 23 product lines that have been tested and listed, according to VeChain, with another 100 planned by the end of the year across 10 product categories including fresh meat, rice, mushrooms, cooking oil and more. The press release claims that the company expects that tracked sales will be significant in volume:

“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.”

Walmart China customers can access detailed information, such as the source of the tracked products and geographic location, the route the product took to the supermarket, product inspection reports and more by scanning the products with their phones.

VeChain is among the companies on the list of the first 197 companies that China’s cyberspace administration authorized as registered blockchain service providers, released in April.

Walmart is no stranger to distributed ledger technology (DLT). Back in October 2016, the company began collaborating with IBM on a blockchain-based system that could identify and flag recalled foods.

Since then, Walmart has engaged in several DLT-related patents and trials — e.g., tracking meat in China, delivery drones, live food and patenting smart deliveries in the United States.

To see a big corporation like Walmart implement blockchain is simply brilliant when one considers how this will affect the blockchain technology in the long run.

Hot News

Anonymous Developer Builds Unofficial Blockchain Explorer For VeChainThor – VeChainThorScan

An anonymous developer has published an unofficial web app called VeChainThorScan that poses as a blockchain explorer for the VeChain (VET) cryptocurrency. Node...

Matic Network Announces Stake Capital As Official Staking Partner

Matic Network, the blockchain scalability platform has formally announced Stake Capital, the DeFi service provider as the official staking partner. Matic Network stated...

Huobi Group Steps Up To Help Corona Virus Victims By Donating 10 Million For Medicine And Health

Huobi Group is a leading cryptocurrency exchange firm based out in Singapore, focusing on the digital economy and Blockchain. The global branches of...

Baidu Searches For Bitcoin Reaches New Low Yet Prices Are On An Uptrend

Baidu is seeing a new monthly low in searches for Bitcoin although the prices for the famous cryptocurrency seem to be on an...

Reckless Review Host Thinks Stablecoin Success Depends Entirely On Bitcoin

Reckless Review, tweeted out his opinion that the success of Stablecoins depends entirely on Bitcoin. The Bitcoinist also went on to state that...

SEC Will Inaugurate A Node On XRP Ledger Said Ripple’s EX

SEC had made the announcement sometimes back said alterity, SEC did not even call Ripple to ask for the Authorization, only intended to...

Matic Network Announces Stake Capital As Official Staking Partner

Matic Network, the blockchain scalability platform has formally announced Stake Capital, the DeFi service provider as the official staking partner. Matic Network stated...

Huobi Group Steps Up To Help Corona Virus Victims By Donating 10 Million For Medicine And Health

Huobi Group is a leading cryptocurrency exchange firm based out in Singapore, focusing on the digital economy and Blockchain. The global branches of...

Baidu Searches For Bitcoin Reaches New Low Yet Prices Are On An Uptrend

Baidu is seeing a new monthly low in searches for Bitcoin although the prices for the famous cryptocurrency seem to be on an...

Reckless Review Host Thinks Stablecoin Success Depends Entirely On Bitcoin

Reckless Review, tweeted out his opinion that the success of Stablecoins depends entirely on Bitcoin. The Bitcoinist also went on to state that...

RELATED NEWS

Anonymous Developer Builds Unofficial Blockchain Explorer For VeChainThor –...

An anonymous developer has published an unofficial web app called VeChainThorScan that poses...

Matic Network Announces Stake Capital As Official Staking Partner

Matic Network, the blockchain scalability platform has formally announced Stake Capital, the DeFi...

Huobi Group Steps Up To Help Corona Virus Victims...

Huobi Group is a leading cryptocurrency exchange firm based out in Singapore, focusing...