Walmart has announced a new blockchain traceability platform in China, which has been developed in partnership with the China Chain-Store & Franchise Association (CCFA), PwC, Inner Mongolia Kerchin Co., Ltd., and VeChain.
Built using the the VeChainThor Blockchain, the platform came with the introduction of the first batch of 23 product lines that have been tested and launched on it. It is said that this Platform will scale by additional 100 product lines by the end of 2020, covering more than 10 product categories, which will include fresh meat, rice, mushrooms, cooking oil, and much more.
It is believed that the Walmart China traceability system will see traceable fresh meat will be responsible for 50 per cent of the total sales of packed fresh meat, 40 per cent of the total sales of traceable packaged vegetables, along with 12.5 per cent of the total sales of seafood by 2020 end.
Earlier this month, as this publication reported, Carrefour reported an increase in its sales after implementing blockchain ledger technology to track meat, milk and fruit from farms to stores. The French retailer has introduced blockchain information for 20 products, including chicken, eggs, raw milk, oranges, pork, and cheese and is planning to add 100 more in 2019, which will focus on areas where consumers seek reassurance on products like baby and organic items.
A couple of days later, retailer Target also reported its entry in the blockchain market, in partnership with agribusiness provider Cargill on its Hyperledger blockchain initiative around the supply chain.
Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.
