As with cryptocurrencies, several companies are moving into the blockchain space. The latest, however, is Walmart China, which is the Chinese branch of the US supermarket chain.
Here’s what we know.
Walmart China Blockchain Platform: What We Know
On June 25, Walmart China said it’s launched a blockchain platform that will address food safety concerns. According to the press release, the company will be working with PwC, VeChain, and other blockchain players on the ‘Walmart China Blockchain Traceability Platform.’
While the announcement came out today, the Walmart China blockchain platform has already seen some successes. In fact, it boasts 23 product lines listed and tested, according to the press release. Plus, by the end of 2020, Walmart China hopes to see the meat products that are being tracked on the platform accounting for roughly 50% of its total sales in that division.
Speaking on the news, Elton Yeung, innovation lead at PwC Mainland China and Hong Kong, said:
“We believe that Walmart’s Blockchain Traceability System will be an excellent example of blockchain technology applied in the retail industry, helping to improve food safety and quality management, and providing a strong guarantee for building consumer trust.”
In the past, Walmart has utilized blockchain technologies. However, this one is different; there’s something interesting about it. Maybe it’s because it has to do with solving China’s issues with food safety. Or maybe, because the Walmart China products will be tracked via VeChain’s blockchain, it’s because the company is using a public blockchain.
Either way, the partnership between Walmart China and VeChain, as well as PwC, is a good thing. Why? Because it means solutions will be provided that will help promote the traceability of fresh food, something China has had trouble with recently.
What do you think of Walmart China launching a blockchain platform? Let us know your thoughts in the comments below!
Featured image: PixaBay
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