According to a release, the Walmart China Blockchain Traceability Platform (WCBTP) – a joint project put together by the efforts of Walmart China, VeChain, PwC, cattle firm Inner Mongolia Kerchin, along with the China Chain-Store & Franchise Association – has been officially introduced at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar – co-hosted by Walmart China and the CCFA in Beijing.
Walmart China has announced 23 product lines, which will be tracked by this brand new blockchain-powered tool, and is reportedly set to add a hundred more into the list, all across over 10 product categories. Per the release, Walmart China aimed to have the traceability system account for the majority of tracked sales.
“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 one of the businesses that made into the list, published in April 2019, of the first 197 firms in China, which has received authorization to function as blockchain service providers from the country’s cyberspace administration.