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VeChain price surges off Walmart partnership announcement

The enterprise-focused blockchain VeChain announced a partnership with Walmart China earlier this morning in Beijing. The announcement was made at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar on June 25th and included the participation of the most recognised giants of the retail industry. Walmart China, China Chain-Store & Franchise Association (CCFA), PwC, Inner Mongolia Kerchin Co. were some of the brands in attendance at the seminar.

Vechain’s official Twitter account published the alliance and cherished the achievements:

VeChain CEO, Kevin Feng, also celebrated the deal by commenting:

“We achieve this while putting forward new insights for the development of the businesses’ ecosystems. The launch of the Blockchain Traceability Platform by Walmart China, the world-class retail giant, is of great significance to the commercial application of blockchain technology. VeChain will work with Walmart China to actively take heed of the call of the government, by utilizing technology to promote the traceability of fresh food, and to provide innovative solutions for the traceability platform through digital technology, so as to generate more transparent and reassuring consumption experience.”

News about Walmart Blockchain Traceability Platform being powered by VeChainThor Blockchain spread very fast, with the price spiking over 40% right after that. At the moment of writing, VETUSD is 37.19% up ($0.009858).

VET will be providing the whole infrastructure to track Walmart’s supply chain in China. To this moment, 23 product lines have already been tested using the Traceability Platform and 100 full categories are expected to be covered as well during the year. To make it simpler, activities such as track fresh meat will be easy to do with the help of VeChain tech. The multiregional retail giant is aiming to enhance the transparency of the food data as well as ensuring management efficiency.

On Vechain’s Medium profile, the company affirmed the following:

“Domestic customers are proposing higher demands on food safety, digitalization of food traceability will help suppliers to increase their brand value and win their consumers’ trust. Walmart China expects the use of the platform to continue to grow in scope, accounted scales, and geographic implementation. As the platform continues to expand, more categories of food will be traceable and thus the value transfer will be further expanded in the industry reflected on the VeChainThor Blockchain”

Image licensed via Shutterstock

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