- Head of supply chain twin transition at DNV Michelle M. highlights that Walmart has benefited from adopting VeChain blockchain.
- VeChain has also benefited from the partnership as Walmart drives transaction volume to the network.
The VeChain blockchain’s long-standing partnership with American multinational retail corporation Walmart continues making waves in the multi-billion-dollar food industry in China.
The Chinese arm of Walmart partnered with VeChain back in 2019. The partnership saw Walmart build a blockchain-based platform to enable customers to trace the origin of grocery items in its shops.
According to a new article highlighted by VeChain community member eisenreich, the platform has so far benefited Walmart and VeChain. It notes that Walmart customers use the platform daily. They can scan products to get details of their origin and other information.
"Walmart is using VeChain's #blockchain technology in China. Customers can scan products to view their origin and other information on the VeChain-powered blockchain platform." ⛓️
Full Article 👇https://t.co/bwSfEaENIM#VeChain $VET #Business #Tech #SupplyChain #Logistics pic.twitter.com/q0K4OtqXKv
— eisenreich (@eisenreich) January 5, 2023
The article was written by Michele M., the head of supply chain twin transition department at classification body DNV. In the article, Michele maintained that wider blockchain adoption could potentially reduce cases of food-borne illnesses globally.
According to him, food-borne illnesses are still a major global issue as the world bank reported 600 million cases in 2022. Blockchain technology deployment in the industry, as exemplified by Walmart, can improve the speed and accuracy of food traceability protocols.
In the case of Walmart, the retail chain was able to provide the FDA with detailed information on the source of potential contamination within hours. The feat, which was achieved back in 2020, was a significant improvement from the 7 days the process used to take.
The improvement was achieved with a reduced associated cost, reduced losses, and helped brands prevent damage to reputation. Walmart has also worked with the U.S. Customs and Border Protection to pilot a program to track imported goods.
Walmart driving massive transaction volume to VeChain
Walmart has shown how food supply chain participants can easily arrange favorable processes due to the transparency of blockchain technology. Michele cites this as one reason Walmart has expanded its adoption of blockchain technology beyond its Chinese operations.
As evidenced by on-chain metrics, the Walmart and VeChain partnership has benefited both parties. The amount of VeChain transition originating from Walmart customers rose all through 2022, reaching a peak in November.
According to a VeChain community-focused Twitter account, this massive transaction volume from Walmart is a solid revenue source for the network. The account also asserted that Walmart is only one of thousands of enterprises that will come onboard with VeChain. This will significantly boost real-world use cases that VeChain is confident it can handle in the long-term.
More real-world adoption for Vechain will certainly drive the price of VET to new highs. At the time of this report, VET currently trades around $0.015, down 3.25% in the last day. The price marks a 94.7% drop from its all-time high price of $0.28 reached in April 2021.
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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.
FAQs
VeChain Partnership with Walmart
In addition, VeChain's technology also enabled Walmart customers to track products from farms to the stores. To track items, users are required to scan the product's QR codes in order to get its real-time details.
Why did Walmart adopt blockchain? ›
Faster and Accurate Tracking:
Walmart implemented blockchain to create an immutable record of every transaction and movement of food products within its supply chain. This includes details about the origin of the products, processing facilities, transportation, and handling.
What does VeChain do for supply chain? ›
VeChain is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flow for complex supply chains through the use of distributed ledger technology (DLT).
Does VeChain have a use case? ›
VeChain Use Case: Smart Money within VeChain
VET is used for smart contract transactions on the VeChain network between dApps (Decentralized Applications). Once VET is paid as part of a smart contract, the smart contract is instantly executed which provides security online and can help prevent fraud.
Why is VeChain so important? ›
VeChain (VET -3.1%) is a smart contract blockchain offering software solutions for businesses. It is best known for its enterprise supply chain product that traces shipped goods. This gives VeChain real-world uses across a variety of industries, including the food and beverage, fashion, and automotive sectors.
What is VeChain explained simply? ›
— VeChain is a public blockchain that aims to support the operation of large-scale commercial dApps through scalably fast and secure data transmission. — VeChain's Proof of Authority consensus mechanism, meta-transaction features, and two-token model make it a suitable blockchain option for supply chain management.
What crypto is Walmart using? ›
By partnering with innovative blockchain platforms like VeChain, retail giants like Walmart can not only enhance operational efficiency but also demonstrate their commitment to promoting transparent and sustainable practices in the retail food market.
Who is VeChain partnered with? ›
Vechain has been selected by NTT Docomo as a partner in the Docomo 5G Open Partner Program. In this program, both companies will work together to prepare for 5G technology which will become available in 2020. Which will offer additional benefits for IoT technology.
Who are Walmart blockchain suppliers? ›
Walmart, for example, announced — also in 2018 — the Walmart Food Traceability Initiative, a food tracking partnership and logistics platform powered by IBM's blockchain technology alongside 10 other category leaders, including Nestlé, Dole Food, Driscoll's, Golden State Foods, Kroger, McCormick, McLane, Tyson Foods ...
Is VeChain still a good project? ›
VeChain looks promising for the future for many, with its innovative technology, strategic partnerships, and expanding adoption in various industries. Its solutions for real-world challenges like supply chain management and product verification position it for sustained success in the evolving blockchain sector.
With its roots in Shanghai, one of the bustling hubs of business and technology development in China, VeChain's eyes are set firmly on revolutionizing how goods and services are maintained and managed across supply chains. China is renowned across the globe as a powerhouse of the shipping industry and manufacturing.
Does VeChain have a fixed supply? ›
By combining high divisibility with a fixed total supply, VET is designed to serve as a versatile and sustainable utility token within the VeChainThor ecosystem.
Why not to invest in VeChain? ›
However, investing in VeChain, like any cryptocurrency, comes with risks due to market volatility and regulatory uncertainty. For those considering VeChain, thorough research and careful evaluation of personal financial goals are essential.
Will VeChain ever take off? ›
How high could the VET price propel by the end of 2025? The price of the altcoin could hit a maximum of $0.101, by the end of the next three years. With a potential surge, the VeChain price may go as high as $0.300 by the end of 2030.
Which company is using VeChain? ›
BMW, which uses VeChain to prevent odometer fraud in automobile sales. LVMH, which uses VeChain to track luxury leather goods. Walmart, which uses VeChain to track food provenance.
Where is VeChain being used? ›
VeChain is a layer-1 smart contract platform that allows developers to create unique smart contracts and DApps on top of it. Its applications in logistics, supply chain management and other industries help businesses enhance their operations.
Is it worth investing in VeChain? ›
Is VeChain (VET) worth it? Yes, due to a strong technological foundation, VeChain has the potential to be a good long-term investment. So, if you're considering investing online and through cryptocurrency, VeChain (VET) is for you.
