Walmart China enters partnership with VeChain (VET); price jumped over 50%
|- VeChain (VET) price jumped over 50% in the session on Tuesday, following Walmart China announcement.
- The partnership will see the food giant leveraging VeChain supply chain for inventory tracking.
Walmart China is set to leverage VeChain (VET) technology for the tracking of food, via the supply chain of the blockchain.
The news being a VeChain press release published on June 25, detailing that the Walmart China Blockchain Traceability Platform (WCBTP) is going to be a joint venture by Walmart China, VeChain, PricewaterhouseCoopers (PwC), cattle company Inner Mongolia Kerchin, and the China Chain-Store & Franchise Association.
In terms of the press release, it noted:
“It is expected that the Walmart China's traceability system will see traceable fresh meat account for 50% of the total sales of packaged fresh meat, traceable vegetables will account for 40% of the total sales of packaged vegetables, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020.”
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