Bitcoin, Crypto currency, Blockchain

VeChain achieved several milestones through cooperation with Walmart China

a6bb40350e9034027bfd3265783af7d6 - VeChain achieved several milestones through cooperation with Walmart China

VeChain achieved several milestones through cooperation with Walmart China

Home News VeChain achieved several milestones through cooperation with Walmart China

Of
Marcel Knobloch –
07.07.2019

VeChain is a project from the crypto-universe, that is an already functioning product can show and with many of the heavyweights of the tech industry in the world, but also from other sectors of the Economy, works. Through the cooperation with Walmart China, a whole new set of milestones could be achieved.

VeChain is a platform that helps consumers and retailers, to Authenticate products. Through the implementation of a VeChain-RFID-chip product data along the value chain and for buyers transparently stored. VeChain works together with several major wine retailers, the for those interested in a variety of different information on a label on the wine bottle to represent. This includes e.g. the Grape, place of origin, country of origin and of the complete Transport is stored on the RFID Chip. In this way, errors or problems along the Supply can be Chain and eliminated discovered.

The System of VeChain is suitable for other areas of the economy play in which product counterfeiting, a major role. The drugs industry and the garment and Shoe industry. On Thursday, the Blockchain from VeChain Thor, a new record recorded, There were erstemals registered over a million service clauses on the Blockchain. On 07.01.2019 this value was almost half: 505.563. VeChain from results in (freely translated):

A transaction can contain many clauses that are bundled in a transaction.

Example: transaction A can have 50 recipients (so that’s 1 transaction / 50 clauses), which means that in a mother-to-transaction 50 transactions are bundled.

At the beginning of the year, the Mainnet recorded with 115.879 transactions, the highest level since the Start of the VeChain-Thor-the Blockchain.
Source: https://vechainstats.com/

Walmart China will use the Thor-Blockchain, to track food throughout the supply chain and try the real to solve begging, to identify counterfeit or contaminated products on a large scale. The Thor-Blockchain of VeChain will operate the Walmart of China, Blockchain Traceability Platform (WCBTP) in a Joint Venture with Walmart China, VeChain, PricewaterhouseCoopers (PwC), the cattle company Inner Mongolia Kerchin and the China Chain Store & Franchise Association. The Initiative aims to pursue until the end of 2020, 50% of the packaged fresh meat from Walmart, 50% of the packaged vegetables and 12.5% of all platform sales of seafood. According to Walmart, the project is progressing successfully (freely translated):

The first Batch of 23 kinds of products have been tested and the platform entered. In the second half of this year, more than 100 kinds of products are successively brought to the market, more than 10 categories of cover, including fresh meat, vegetables and seafood. This is whale-help Mart to practice the traceability of Goods. By scanning the QR code on the product, the customer can know the source of the product and the Wal-Mart of the received geographical location information, the logistics process time and the product test report.

VeChain announced that the first Phase of the repurchase plan in the amount of USD 25 million for the native crypto-currency, the VET has started. The buyback is part of the strategy of the company, to support projects for the operation of the VeChainThor-Blockchain financially (freely translated):

VeChain will not be shopping in the next quarter is less than 5 million USD in vocational education on the free market. All purchased vocational education and training, measures will be sent for reasons of transparency, to a public address.

As more and more companies enter the digital economy, to take advantage of the speed and efficiency of the Blockchain-based infrastructure for the exchange of data, want to support the company through financial investment in the process and development.

Featured Image: Akarat Phasura | Shutterstock

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