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- Head of supply chain twin transition at DNV Michelle M. highlights that Walmart has benefited from adopting VeChain blockchain.
- VeChain has also benefited from the partnership as Walmart drives transaction volume to the network.
The VeChain blockchain’s long-standing partnership with American multinational retail corporation Walmart continues making waves in the multi-billion-dollar food industry in China.
The Chinese arm of Walmart partnered with VeChain back in 2019. The partnership saw Walmart build a blockchain-based platform to enable customers to trace the origin of grocery items in its shops.
According to a new article highlighted by VeChain community member eisenreich, the platform has so far benefited Walmart and VeChain. It notes that Walmart customers use the platform daily. They can scan products to get details of their origin and other information.
“Walmart is using VeChain’s #blockchain technology in China. Customers can scan products to view their origin and other information on the VeChain-powered blockchain platform.” ⛓️
— eisenreich (@eisenreich) January 5, 2023
The article was written by Michele M., the head of supply chain twin transition department at classification body DNV. In the article, Michele maintained that wider blockchain adoption could potentially reduce cases of food-borne illnesses globally.
According to him, food-borne illnesses are still a major global issue as the world bank reported 600 million cases in 2022. Blockchain technology deployment in the industry, as exemplified by Walmart, can improve the speed and accuracy of food traceability protocols.
In the case of Walmart, the retail chain was able to provide the FDA with detailed information on the source of potential contamination within hours. The feat, which was achieved back in 2020, was a significant improvement from the 7 days the process used to take.
The improvement was achieved with a reduced associated cost, reduced losses, and helped brands prevent damage to reputation. Walmart has also worked with the U.S. Customs and Border Protection to pilot a program to track imported goods.
Walmart driving massive transaction volume to VeChain
Walmart has shown how food supply chain participants can easily arrange favorable processes due to the transparency of blockchain technology. Michele cites this as one reason Walmart has expanded its adoption of blockchain technology beyond its Chinese operations.
As evidenced by on-chain metrics, the Walmart and VeChain partnership has benefited both parties. The amount of VeChain transition originating from Walmart customers rose all through 2022, reaching a peak in November.
According to a VeChain community-focused Twitter account, this massive transaction volume from Walmart is a solid revenue source for the network. The account also asserted that Walmart is only one of thousands of enterprises that will come onboard with VeChain. This will significantly boost real-world use cases that VeChain is confident it can handle in the long-term.
More real-world adoption for Vechain will certainly drive the price of VET to new highs. At the time of this report, VET currently trades around $0.015, down 3.25% in the last day. The price marks a 94.7% drop from its all-time high price of $0.28 reached in April 2021.