Walmart has officially begun tracking products using the VeChainThor blockchain, according to reports on Twitter. Last year, Walmart China announced the use of the VeChainThor blockchain.
Around 5,000,000 blocks have been successfully mined on the VeChainThor cryptocurrency blockchain, which has established partnerships with well-known companies from the food, logistics, pharmaceutical, insurance, automotive or textile sectors.
The potential of VeChain’s technology is being recognised as counterfeit products cause annual sales losses of more than $509 billion. 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.
The VeChainThor blockchain will use the Walmart China Blockchain Traceability Platform in a joint venture with PricewaterhouseCoopers, Inner Mongolia Kerchin and the China Chain-Store & Franchise Association. The first batch of 23 products was tested in 2019. Now 100 more products are to be tracked with VeChain, covering more than 10 different food categories.
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. It can also be used to trace 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 this year, more than 50% of packaged fresh meat and vegetables and 12.5% of all seafood sales recorded on the platform will be tracked. According to a VeChain statement, this will help Wal-Mart to improve the traceability of goods.