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Walmart China has partnered with VeChain, a blockchain technology company, to enhance its supply chain management. As part of this collaboration, Walmart launched 23 product lines on its platform, with plans to scale up to 100 by the end of the year. The aim is to employ blockchain technology to improve traceability and transparency in the food supply chain.
Previously, Walmart faced challenges in tracing the source of a package of sliced mangoes, which took seven days using traditional methods. However, after partnering with IBM for a blockchain-based food traceability system, the traceability time was reduced to just 2.2 seconds. Walmart also established the Walmart Food Safety and Collaboration Center and collaborated with JD, IBM, and Tsinghua University to enhance food safety in China.
In 2019, Walmart launched a blockchain-based platform to address food safety concerns in China, with VeChainThor blockchain tasked with tracking the products. The launch of the Walmart China Blockchain Traceability Platform was seen as a significant step in the commercial application of blockchain technology. The use of blockchain technology allows for efficient management of recalls, waste reduction, and the provision of granular information about food items.
Walmart’s strategic use of blockchain technology demonstrates its commitment to quality, safety, and transparency in the food supply chain. This approach not only revolutionizes supply chain management but also sets a new standard in the retail industry, shaping the future of food traceability and safety.
As of press time, VeChain (VET) was trading at $0.026324, experiencing a bearish sentiment with a 4.3% decrease in the last 24 hours.