Walmart’s Chinese subsidiary is cooperating with VeChain to increase transparency in the purchasing supply chain.
Walmart’s subsidiary Sam’s Club is starting to work with VeChain in China to increase transparency in the supply chain for food products sold through the chain.
VeChain (VET) is a blockchain project which aims to facilitate and secure data collection, management and exchange. There are many cases of VET use, such as asset authentication, tracking of goods and simplification of product maintenance.
Token VeChain is one of those cryptocurrencies which has a certain market niche and is designed to provide specific services for specific uses. The capitalisation of the VET market is one of the largest in the market.
PriceWaterhouseCoopers (PwC) will assist in a project to ensure safe food sales and increase transparency for consumers in China. Since mid-2019, a blockchain platform called “Walmart China Blockchain Traceability Platform” is being developed.
The future of Sam’s Club
Sam’s Club is an exclusive retail chain with 26 points in China for members only, with a base of all its members exceeding 2.5 million. The chain is expected to launch another 20 stores before the end of 2022.
The company is to use a modified version of the ToolChain platform from VeChain to automatically transfer data from the company’s entire supply chain to blockchain. Sam’s Club customers will be able to access detailed information about the origin of products in the store by scanning QR codes on the goods.
Food tracking with VeChain
In an announcement on 2 June this year, VeChain noted that Sam’s Club has expanded its premium product range to seafood, rare meats and exquisite wines. For this reason, he stated that there may be problems with fresh food transport and product transparency, advertising blockchain services to solve these problems and reassure customers about the quality of service.
In November 2019, the Chinese company VeChain presented its blockchain-based Foodgates platform, which is to be a tracking system designed specifically for the food industry. The company stresses that DLT for companies selling fresh food and premium products will be available throughout China.