VeChain Milestone: Walmart Will Track Products With Thor Blockchain

A new VeChain milestone was achieved earlier today when the platform made a new partnership with the retail giant Walmart which will be using the VeChain Thor Blockchain as we are about to read more in VeChain Ven News below.

VeChain is a crypto project that has already had a lot of working products since its official start and the foundation was even able to establish partnerships with popular companies from multiple industries including food, logistics, pharmaceuticals, automotive, textile or insurance industry. Walmart China has already been using the VeChain thor blockchain since 2019.

The VeChain Thor blockchain will use the Walmart China Blockchain Traceability Platform as a joint venture with the PricewaterhouseCoopers, China Chain-Store Franchise Associations and Inner Mongolia Kerchin. The first batch of the products was tested already in 2019 and more than 100 products are able to be tracked with VeChain now covering more than 10 different food categories.

Twitter use WaZa, described that Walmart has implemented tracking of some of the products and that form now on the supply chain of the product can be tracked as a part of the new VeChain milestone. Each product contains a huge amount of important information that can be read free or by using a QR code scanner.  In addition, the information can be traced when the product left the location in which the last station the product went through. There is even a possibility for a Google Map that is available that shows the place of manufacture.

By the end of this year, more than 50 percent of the packaged fresh meat, 50 percent of packaged vegetables and about 12.5 percent of all seafood sales that are recorded on the platform will also be tracked. VeChain stated:

‘’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 seen as a great opportunity by more and more companies since counterfeit products are found in a lot of industries which cause annual sales losses of more than $509 billion. For example, the textile industry was most affected by far and about 3.3 percent of all trade goods are exposed as counterfeit products.