Today
VeChain announced that Walmart China is using its VeChainThor blockchain for
food traceability. The collaboration also includes China Chain-Store & Franchise Association (CCFA), PwC and Inner Mongolia Kerchin. So far, 23 product lines have been tested and launched on the platform.
By year’s end, the project is expected to expand to more than 100 lines. It’s anticipated that traceable meat will account for more than 50% of Walmart China’s packaged meat. The aim is to enable consumers to scan a barcode and retrieve detailed product information. That will include the source of the product, any inspections, logistics reports and more. It will also ensure that customers can verify the authenticity of products, which is a significant issue in China.
Last year a joint study was conducted by giant online retailer
JD.com as well as Walmart, Tencent and JD Daojia. It found that for online shoppers, a guarantee of product authenticity was increasingly the most crucial factor in buying goods. JD.com and Walmart have a tie up so that where consumers are close to 180 Walmart China stores if they shop on JD.com, the product will be delivered from Walmart.
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