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VeChain Crosses Milestone on Heels of Collaboration With Walmart China

July 05, 2019

VeChain, a platform that helps consumers and retailers authenticate products, just crossed an adoption milestone. It posted a record-breaking statistic on the VeChain Thor blockchain on Thursday, hitting one million clauses. The 1,101,530 clauses was double the amount reported on January 7th, which was 505,563.

The figure represents an increase in activity on its blockchain. According to VeChain,

“A transaction can have many clauses, which are pretty much transactions bundled inside a transaction.

Example: Transaction A can have 50 recipients (so that would be 1 transaction/50 clauses) meaning there are 50 transactions bundled within one mother transaction.”

Earlier this year, the mainnet also recorded its highest number of transactions in a single day at 115,879.

As a leader in the supply chain logistics space that aims to revolutionize how data is reported, stored and transferred, VeChain has forged a number of consumer-facing collaborations, including partnerships with Chinese consumer electronics giant Haier, leading Italian wineries and, most recently, with Walmart China.

Walmart China will use VeChain’s Thor blockchain to track food through its supply chain, solving the real-world challenge of identifying and eliminating fake or tainted goods on a large scale.

VeChain’s Thor blockchain will power the Walmart China Blockchain Traceability Platform (WCBTP) in a joint venture with Walmart China, VeChain, PricewaterhouseCoopers (PwC), cattle company Inner Mongolia Kerchin and the China Chain-Store & Franchise Association. The initiative aims to track 50% of Walmart’s packaged fresh meat, 50% of its packaged vegetables, and 12.5% of all seafood sales tracked on the platform by the end of 2020.

According to the announcement,

“The first batch of 23 kinds of products have been tested and entered into the platform. In the second half of this year, more than 100 kinds of products will be launched in succession, covering more than 10 categories including fresh meat, vegetables and seafood, which will help Wal-Mart practice the traceability of goods. By scanning the QR code on the product, the customer can know the source of the product and the geographical location information received by Wal-Mart, the logistics process time, and the product test report.”

VeChain says it is also kicking off the first phase of its buyback plan totaling $25 million of its native cryptocurrency VET. The buyback is part of the company’s strategy to provide more financial support for projects to operate on the VeChainThor Blockchain

“Over the next quarter, VeChain will purchase no less than $5 million USD worth of VET from the open market. All VET acquired will be sent to a public address for transparency.”

As more corporate players enter the digital economy to leverage the speed and efficiency of blockchain-based infrastructure to move data, the company also wants to position VET as a store of value.

“Another major issue that VeChain aims to tackle with the introduction of this plan is to explore the feature of VET being used as smart money and store of value within the VeChain Ecosystem and the ecosystem of our affiliations. VeChain has been endeavored to establish VET as a value-transfer medium as well as a store of value, to enable rapid value circulation within the ecosystem.”

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