VeChain Partners with Walmart China for Blockchain Traceability

• VeChain's Groundbreaking Additions to the Blockchain Industry in 2023
• Strategic Collaboration Between VeChain and Walmart China
• Walmart China Blockchain Traceability Platform
• Additional Uses of Blockchain Technology by Walmart
• VeChain's Ongoing Commitment to Blockchain Advancement

VeChain's Groundbreaking Additions to the Blockchain Industry in 2023

In the year 2023, VeChain has brought forth a number of significant contributions to the blockchain industry. Key among these is the release of the VET 3.0 protocol on March 6, 2023, marking a vital step forward in their quest to bring innovative solutions to the blockchain field. Furthermore, their efforts were given a substantial boost with the approval of a pioneering US patent in November, issued initially on October 24, 2023. The patent reveals a new method for processing multiple transactions.

Strategic Collaboration Between VeChain and Walmart China

A major highlight of VeChain's contributions is its strategic partnership with Walmart China. This collaboration has resulted in the launching of 23 product lines, a move that supplements Walmart's broader plan of expanding its blockchain ecosystem in supply chain management. The partnership notably builds upon the prior successes Walmart has had with VeChain, especially in the realm of food traceability.

The ability for Walmart to trace over 25 different products, ranging from mangoes to dairy products, back to their respective farms was already a reality as early as 2018. By 2019, the retail giant had begun using blockchain technology to enhance the traceability in its supply chain.

Walmart China Blockchain Traceability Platform

The partnership with VeChain has led to the creation of the Walmart China Blockchain Traceability Platform. This strategic move is aimed at increasing transparency and efficiency in supply chain operations. The platform has facilitated the launch of 23 product lines, thus demonstrating the practical application of blockchain technology.

Additional Uses of Blockchain Technology by Walmart

Walmart's application of blockchain technology extends beyond its partnership with VeChain. The retail titan has also run pilot tests using this technology to track shrimp exports from India to the U.S.

VeChain's Ongoing Commitment to Blockchain Advancement

VeChain continues to show its dedication to the advancement of blockchain technology through its focus on constant development and tactical partnerships. Besides the aforementioned developments, VeChain has also recently introduced a dApp kit for dApp builders.

Edited by Jonathan Stoker