Blockchain technology has been used for a long time in supply chain management. For example, technology could help streamline shipments and reduce the number of lost products. All in all, the improvements should lead to higher returns for producers and cheaper products for consumers.
Yesterday was a big step forward for blockchain technology in the supply chain. Indeed, it was announced that a number of big names, including the Chinese branch of Walmart, will collaborate with VeChain – a blockchain project also from Chinese soil.
A press release announced that Walmart China will join China Chain-Store & Franchise, a retail consortium with more than 1,000 members. PricewaterhouseCoopers (PwC), one of the Big Four , is also part of the consortium working on the Walmart China Blockchain Traceability Platform (WCBTP).
We are proud to announce that the Walmart China Blockchain Traceability Platform is now powered by VeChainThor Blockchain!
— VeChain Foundation (@vechainofficial) June 25, 2019
The WCBTP is currently working on 23 product ranges, but intends to add another 100 product ranges. Think of rice and fresh meat, for example, which can be followed via the VeChain Thor blockchain. With the blockchain system to be developed, consumers will be able to scan QR codes or barcodes for products that can, for example, trace the origin, the logistics process and quality data; transparency that is very welcome if you look at the size of counterfeit goods from China.
Elton Yeung, Strategy and Innovation Lead at PwC Mainland China and Hong Kong, said in the press release:
We believe that Walmarts Blockchain Traceability System will be an excellent example of blockchain technology used in the retail industry, where it enhances food safety and quality management and strengthens the guarantee for building consumer confidence.