Walmart’s China Subsidiary Teams Up With VeChain to Trace Food Products Blockchain’s use in supply chain management has been one of the biggest use c
Walmart’s China Subsidiary Teams Up With VeChain to Trace Food Products
Blockchain’s use in supply chain management has been one of the biggest use cases that have emerged in recent times. In fact, it’s also one of the biggest non-crypto use cases that blockchains have presented in the past few years. More and more companies are integrating blockchain technology in their supply chains for better transparency, convenience, and security. To this end, Walmart’s China subsidiary is partnering with VeChain.
The partnership between VeChain and Sam’s Club is aimed at increasing supply chain transparency for its food products. In a country where crypto transactions are not freely allowed, it is these applications that contribute towards blockchain adoption. In fact, China has been quite vocal about allowing non-crypto related blockchain applications in the country.
VeChain Partnership with Walmart
The teaming up of Sam’s Club and VeChain is a part of the Blockchain Traceability Platform. Since 2019, Pricewaterhouse Coopers (PwC) China and Sam’s Club have been developing a traceability platform on the VeChain blockchain. They are calling it the Walmart China Blockchain Traceability Platform. This is intended to ensure better food safety in Walmart China’s supply chain. It will also ensure greater transparency for consumers there.
This partnership can be really huge for VeChain. Sam’s Club has over 2.5 million customers and operates 26 outlets in China. They are also looking to launch 15-20 new outlets by 2022. As such, the scale of operation is remarkably huge. All that backend operation needs to be flawless especially when it comes to food. If VeChain can help in this regard, it can make them a huge success.
Consumers need to have confidence in what they are buying. A move like this can really boost consumers’ confidence in the company. This could lead to greater revenue for the company. Blockchain could once again prove to be immensely beneficial. Other large companies will be sure to watch this development closely.
Walmart China will use a modified version of VeChain’s ToolChain platform. It will be used in conjunction with software sensors, hardware sensors, and other internet-of-things (IoT) devices. The advantage of this is that these devices can automatically upload data to the chain across the entire supply chain. This would do away with the need for human involvement. Thereby, it reduces risk of tampering of data. This is the future of automation.
Blockchain also provides unique capabilities wherein anybody can check entries in the blockchain. Thus, customers will be able to access detailed information about the origin of any product. All they would need to do is scan the QR codes printed on the package of the products. The importance of this cannot be stressed upon enough. This is as easiest as it can get when it comes to transparency.