Per the release, the Walmart China Blockchain Traceability Platform (WCBTP) will be a joint venture by Walmart China, VeChain, PricewaterhouseCoopers (PwC), cattle company Inner Mongolia Kerchin, and the China Chain-Store & Franchise Association. WCBTP has been reportedly announced at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar jointly organized by Walmart China and the CCFA in Beijing.
Walmart China already revealed 23 product lines that the system will track and plans to release another 100 products for further inclusion, covering more than 10 product categories. The press release claims that the company expects that tracked sales will be significant in volume:
“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.”
VeChain is among the companies on the list of the first 197 companies that China’s cyberspace administration authorized as registered blockchain service providers, released in April.
As Cointelegraph recently reported, Walmart is no stranger to distributed ledger technology (DLT). Back in October 2016, the company began collaborating with IBM on a blockchain-based system that could identify and flag recalled foods.