VET Up 42% on VeChain Partnership with Walmart for Food Safety Tracking in China
- VET jumps about 42 percent to trade at $0.01
- “It’s not just a “partnership”, and it’s a live project and application with valuable transactions to be seen by consumers,” VeChain CEO Sunny Lu
“That’s what I called Significant Meanings to the entire Blockchain space. It shows the right way!” said VeChain CEO Sunny Lu.
Per the announcement, VeChain has partnered with Walmart as stated by Lu on Twitter. This partnership also involves PwC, PricewaterhouseCoopers which acquired a small ownership interest in VeChain in May 2018.
We are proud to announce that the Walmart China Blockchain Traceability Platform is now powered by VeChainThor Blockchain!
— VeChain Foundation (@vechainofficial) June 25, 2019
Tom Foth, Senior Director, Emerging Technology Labs at PwC shared this news on LinkedIn that shares the objective of this partnership. VeChain is basically providing the blockchain technology for food safety tracking of foods that Walmart sells in China.
This was confirmed by Lu who shared a series of Tweets defining the importance of this partnership.
I really want to wait for the official release is what Lu said and added, “PwC Fellows are quite proud for what we have achieved together” adding “Perfect collaboration with PwC and it’s replicable!”
Walmart China’s official announcement about launching a blockchain traceability platform to innovate food safety is here.
It’s Not Just a partnership, But a Live Project
Lu further explains how big giants like Walmart which has been the world's largest company by revenue in 2018 and the largest private employer in the world with 2.2 million employees is turning to blockchain. Lu said:
“It shows big enterprise like Walmart to explore production application to not only Private but Public Blockchain. It’s truly and definitely mass adoption not only reaching to consumers but also aligning with more than 500 food suppliers batch by batch in a same replicated mode,”
Walmart has been operating in Chain since 1996 and is one of the successful subsidiaries apart from the ones in the US, the UK, and South America. The company has extended its reach in the country to 426 stores in 169 cities with 10,000 associates.
“It’s not just a “partnership”, and it’s a live project and application with valuable transactions to be seen by consumers,” said Lu.
Additionally, Walmart served more than 6 billion customers and members in China while over 95 percent of its merchandise it sells is sourced locally.
“We use digital methods to improve efficiency and transparency, providing products and services of quality to customers and making life better for busy families in China,” said Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China.
VET Enjoys the Partnership News
“Technically, cross-chain protocol between VeChain and the other is done. And we are ready to future model, I quote from someone from IBM “hybrid model is the future,” said Lu.
The 26th largest cryptocurrency with a market capitalization of $531 billion reflected the news by having a jump in the price of VET about 42 percent as it trades at $0.01, at the time of writing, up from $0.007.