A new blockchain powered decentralized platform has rolled out for tracking food in the supply chain management process from the production to the distribution, following the new collaboration between Walmart China, China Chain-Store & Franchise Association(CCFA), PwC, Inner Mongolia Kerchin Co., Ltd., and VeChain. The information is revealed in VeChain’spress release via PR Newswire– a distributor of press releases on June 25.
Reportedly, it is called the Walmart China Blockchain Traceability Platform, which is built on the VeChainThor Blockchain. The updates announced in the seminar named “2019 China Products Safety Publicity Week Traceability System Construction” which was collectively organized by Walmart China and the CCFA in Beijing.
Since 2016, Walmart is constantly applying its hands in a revolutionary new technology while strengthening the conventional processes of its food industry. Walmart’s 1st collaboration with IBM-based blockchain solution in 2016, for its food storage system, has helped the billion dollar company to identify and remove recalled foods from its products list. Presently, Walmart has become quite matured towards its understanding for blockchain or distributed ledger technology (DLT) due to its involvement in various other patents and pilot projects which are focusing on blockchain tech. Few among them are tracking meat in China, delivery drones, live food and patenting smart deliveries in the United States.
WCBTPLaunched Product Line Aiding Customers
As per the information, to start with there are about 23 product lines have been tested and launched on the Walmart China’s blockchain traceability platform (WCBTP). Further, the authorities are planning to scale the numbers near 100 product lines by this year-end, which would cover 10 product categories such as fresh meat product, rice, cooking oil, mushroom, etc.
Moreover, the press release states that the customers can easily scan the preferred products by acquiring the detailed information that would allegedly include the source of the scanned products and geographic location received by Walmart, logistics process, product inspection report among other data points.
Moreover, the initiative that is powered by VeChain’s Thor blockchain technology is enabling Walmart China to implement a traceability strategy for products and pioneer the large-scale application of blockchain traceability along with aiding the giant to trace the sales accurately.
Walmart the world largest company by revenue of US$514.4 billion as of Jan 31, 2019
is indeed following its incremental growth strategy and winning the hearts of its large customer base because this process would boost consumer confidence and satisfaction, and also contribute to the upgrading of its service consumption.
Tags: Walmart, Blockchain, IBM, VeChainThor Blockchain, Vchain, Walmart China, Blockchain Technology, Logistics, Supply chain, Production, Distribution, Traceability solution, Identity management, Walmart China Blockchain Traceability Platform, WCBTP, Distributed Ledger Technology (DLT)