Walmart China Using VeChainThor to Enable Traceability Platform
The agreement means WalMart China will use blockchain technology to improve their supply chain traceability, as announced today at a conference in China. By year end it will cover over 100 products.
Walmart China have done a deal with VeChain to use blockchain technology to improve their supply chain traceability. The agreement, announced today at a conference in China, will cover over 100 products by the end of the year.
VeChain is a public blockchain, known as VeChainThor, that can be used to decentralise records for all kinds of industries and public bodies. By storing data on a chain ledger across multiple sites, known as nodes, data can’t be falsified or amended without authority, making it a useful tool to trace the origin of goods and the path they have taken to market.
The new scheme will allow consumers to be able to scan their goods and see the point of origin. Datapoints such point of receipt, transport system, and product inspection data, along with many more items, will be accessible for the products the scheme is being rolled out for.
Following hot on the heels of last week, with Facebook launching their new stablecoin, Libra, and MoneyGram and Ripple partnering on remittance, this is another clear sign that blockchain technology is hitting the mainstream.
This is a pioneering step in the realm of traceability of products. The 23 products that are already live on the system are fresh goods, those that customers and regulators have concerns about regarding provenance.