Walmart China Launches Blockchain-powered Food Traceability Platform
Walmart China introduced a blockchain-powered food traceability platform, developed in partnership with China Chain-Store & Franchise Association (CCFA), PwC, Inner Mongolia Kerchin Co., Ltd., and VeChain.
VeChain’s blockchain technology is helping Walmart China to implement a traceability strategy for products. The first batch of 23 product lines have been tested and launched live on the Walmart China Blockchain Traceability Platform, which is built on the VeChainThor Blockchain.
Walmart China will add another 100 product lines by the end of the year, covering more than 10 categories such as fresh meat product, rice, mushrooms, and cooking oil.
With the system in place, traceable fresh meat is expected to account for 50 percent of the total sales of packaged fresh meat; traceable vegetables will account for 40 percent of the total sales of packaged vegetables; and traceable seafood will account for 12.5 percent of the total sales of seafood by the end of 2020.
Walmart China said the system will provide guarantee of the quality and safety of products and edible agricultural produce to enhance the transparency of product information, ensure the authenticity of product data, boost consumer confidence and satisfaction, and contribute to the upgrading of service consumption.
With domestic customers proposing higher demands on food safety, the new system could help suppliers win their consumers’ trust.
Customers can scan the labels of the products using smartphones to get detailed information, including the source of the product and geographic location received by Walmart, logistics process, product inspection report, and many more data points.
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