VeChain News Today – The VeChain blockchain was created specifically to attend to the needs of the ever-growing supply chain management sector. Over time, many VeChain partnerships have been made both within and outside the supply chain industry. The ultimate goal is to reach mass adoption and dominate the blockchain space as the world moves forward to a new, decentralized era. When it comes to getting partnerships, the VeChain Foundation is one of the best. Recently, the Chinese branch of Walmart, global retail giant, announced that it will be using the VeChain blockchain to develop a product that will address food safety concerns in the country. What does this mean for VeChain?
VeChain Partnerships – VeChain News Today – VeChain Latest Update – VeChain Blockchain To Be Used By Waltmart
On Tuesday, Walmart China announced that it has now entered a partnership with VeChain, PwC and some other enterprises. The blockchain traceability platform is already being used for 23 product lines which have already been tested and listed. According to the VeChain Foundation, about 100 more product lines will be added to that list soon and they will spread across 10 product categories. Before the end of 2020, about 50% of the total fresh meat in the Walmart supply chain will be tracked on the blockchain. Also, 12.5% of seafood sales and 40% of vegetable sales will be tracked on the blockchain as well.
VeChain (VET) Price Today – VET / USD
Customers who want to verify the authenticity of products on the blockchain can simply do that by scanning the products with their smartphones. Details about the products from origin to product inception reports will appear on the device. The innovation and strategy lead at PwC China, Elton Yeung 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.”
All the products in this project will be tracked using the VeChainThor blockchain. However, this isn’t the only blockchain that Waltmart is test running. The company is one of the many global giants that have seen great potential in blockchain technology. A while ago, Walmart teamed up with other enterprises to develop IBM of Food Trust. This is a permissioned Hyperledger blockchain.
VeChain Partnerships – VeChain News Today – VeChain Latest Update – How Will This Affect The Price Of VeChain (VET)?
The VeChain Foundation recently celebrated its one year anniversary. Even if the VeChain mainnet launch and VeChain token swap only happened one year ago, the platform has made a lot of progress per adoption and partnerships. One thing that makes the VeChain blockchain attractive to enterprises is that it decentralized like a public blockchain but manageable like a private blockchain.
The fact that Walmart is trying out the VeChain blockchain is a big deal because it will encourage other companies to try it out too. This will eventually lead to mass adoption of the VeChain blockchain. The VET token, which is the fuel that runs the blockchain, will benefit from a rise in adoption because people will learn more about it. According to VeChain, this blockchain platform is expected to synchronize data from traceability platforms from suppliers and the local government. The COO of VeChain, Kevin Feng had this to say;
“VeChain will work with Walmart China to actively take heed of the call of the government, by utilizing technology to promote the traceability of fresh food, and to provide innovative solutions for the traceability platform through digital technology, so as to generate more transparent and reassuring consumption experience.”
With the price of VeChain VET struggling to move above the $0.0070 – $0.0080 range level, more VeChain partnerships may be just what is needed for a price surge. In the next two years, the VET token may have what it takes to test $1. Before the end of this year, the price of VeChain may be as high as $0.0090.
What do you think about the VeChain partnership with Walmart? Will using the VeChain blockchain lead to a surge in the price of the VET token? Share your thoughts in the comment section below.