All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- According to a Twitter user, Walmart has officially begun tracking its products using the VeChainThor blockchain.
- Since the launch of Mainnet 587 days ago, 5,000,000 blocks have been successfully mined on the VeChainThor blockchain.
VeChain is a project from the cryptocurrency space, which has already had a working product since its official start. Since then, the VeChain foundation has been able to establish partnerships with well-known companies from different industries, such as the food, logistics, pharmaceutical, insurance, automotive or textile industry. Already last year, Walmart China announced the use of the VeChainThor blockchain.
Walmart China starts tracking products
The VeChainThor blockchain will use the Walmart China Blockchain Traceability Platform (WCBTP) in a joint venture with PricewaterhouseCoopers (PwC), Inner Mongolia Kerchin and the China Chain-Store & Franchise Association. The first batch of 23 products was already tested at the end of last year. Now 100 more products are to be tracked with VeChain, covering more than 10 different food categories.
Twitter user WaZa describes that Walmart has implemented the tracking for some of the first products and that from now on the complete supply chain of a product can be tracked. Each product contains a large amount of important information that can be read free of charge using a QR code scanner. This includes, for example, the name, weight and place of origin of the product.
In addition, it can be traced exactly when the product left which location and which last station the product passed through. There is even a Google Maps map available that shows the place of manufacture and delivery.
By the end of 2020, more than 50 percent of packaged fresh meat, 50 percent of packaged vegetables and 12.5 percent of all seafood sales recorded on the platform will be tracked. VeChain states:
This will help Wal-Mart to improve the traceability of goods. By scanning the QR code on the product, the customer can see the source of the product and the geographical location information received from Wal-Mart, the logistics process time and the product test report.
The potential of VeChain’s technology is being recognized by more and more companies, as counterfeit products are found in many different industries, causing annual sales losses of more than $509 billion. The shoe and textile industries have been most affected so far, closely followed by electronic devices. Worldwide, approximately 3.3 percent of all trade goods are exposed as counterfeit products.
Recently, the VeChain Foundation was able to enter into a new partnership with the Chinese General Council of Anhui Tea Industry Association to authenticate the authenticity of tea products with the VeChainThor Blockchain.
5,000,000 blocks since the launch of Mainnet gemined
VeChain’s mainnet started exactly 581 days ago and has been running stable and has received regular upgrades since then. The average block time is 10.03 seconds. More than 51.4 million Smart Contracts have been signed. Furthermore, more than 710,000 transactions of VET tokens were executed.
The VeChainThor mainnet just passed block #5.000.000. Since the #VeChain mainnet launch 581 days ago the mainnet run smoothly: average block time is 10.03s. More than 51.4mln clauses have been settled, overall fee delegation hit 84.36%, >710k transfers of $VET token performed. pic.twitter.com/qCiUQdU4DA
— VeChain Stats (@VeChainStats) January 31, 2020
The price of VET has risen slightly by 1.95% in the last 24 hours and trades at USD 0.0061 at the time of writing.
Follow us on Facebook and Twitter and don’t miss any hot news anymore! Do you like our price indices?
