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- VeChain has inked a new partnership with Walmart China.
- The partnership is designed to help take supply chain management using blockchain to a new level.
Supply chain-inclined blockchain platform VeChain is taking its relationship with American retail corporation Walmart to another level. According to a VeChain enthusiast on Twitter identified as Sebastian_ROK, the blockchain platform has expanded its partnership with Walmart China to cover more products and categories as part of its goal to revolutionize supply chain management and build customers’ trust in the blockchain.
With the VeChain IoT and blockchain solution, the China arm of Walmart can monitor temperature-controlled products while still in transit. This capability helps to reduce the risk of spoilage and contamination and promotes food safety. Walmart has not stopped singing the praises of the VeChain blockchain technology for being efficient, secure, and able to transform the entire supply chain industry.
#VeChain x 🛒@Walmart
Revolutionizing supply chain management & customer trust with blockchain, transparency & cutting-edge traceability! 🌐🧵👇 pic.twitter.com/HQDGaICpU6— Sebastian_ROK Ⓥ 🇩🇪 (@PERE_Mainz) June 20, 2023
Ultimately, VeChain’s sustainable practices, such as the Proof of Authority (PoA) consensus, harmonize with Walmart’s corporate social responsibility goals, promoting eco-friendly retail solutions.
VeChain Traceability Technology Promotes Transparency
Their relationship started way back in 2019 as Walmart was trying to develop a blockchain-based platform for customers to trace the origin as well as other details of items in the retail store. Walmart customers can track any product from farm to store while also confirming supply chain integrity with the VeChain technology.
These customers are only required to scan the QR codes on the grocery to get the details. Customers are now more aware of product quality.
So far, several hundred Walmart customers have utilized the platform which has benefited both parties. Also, Walmart was able to provide the Food and Drug Administration (FDA) with information about potential contamination within a few hours. The process usually takes around 7 days before the partnership with VeChain.
According to an article written by Michele M., the Head of the Supply Chain Twin Transition department at classification body DNV shortly after the partnership was signed, the introduction of the VeChain technology was a major advancement in the use of blockchain for the mitigation of food-borne disease.
Food-borne disease has been a crucial menace globally for a long time and in 2022, the World Bank reported up to 600 million cases. VeChain proffered a solution with its traceability protocol.
More so, it came at reduced associated costs, reduced losses, and helped brands prevent damage to reputation. Additionally, VeChain’s partnership with Walmart China brings unparalleled transparency to the retail industry as the grocery store has proven that food supply chain participants can successfully arrange favorable processes using blockchain.
On the other hand, the traceability and supply chain management platform has seen increased use of its platform translating to more revenue. Apart from the food industry, the use of VeChain has now spread across several industries including fashion, sports, technology industry and so many others. The fashion industry has also begun to leverage the VeChain sustainability technology to control the environmental impact of its waste.
