The partnership between VeChain and Walmart allows consumers to monitor food delivery in China via an app.
Walmart, one of the world’s largest multinational retail businesses that operate a network of hypermarkets, established a partnership with VeChain in 2019. It tries to balance all required information available to all stakeholders for every business activity engaging with the VeChainThor mainnet. So far, the Singapore-based company is delivering new multifunctional features such as multi-chain interoperability, on-chain governance, low gas fees, and KYC compliance. It is currently represented by VET, a native token that allows anyone to transact on the blockchain. The platform is being used in a variety of other sectors. It was using VEN tokens at the time until switching to its own blockchain in mid-2018 to increase scalability. VeChain was initially conceived in 2015 for IoT and supply chain management. It is based in Shanghai and has offices in France, Hong Kong, Singapore, and other countries, allowing the projects to be integrated into a global scale. VeChain, founded in 2015, is the invention of Jay Zhang and Sunny Lu. Logistics, food chain service, tourism, health, and food safety have all tapped into its limitless possibilities. To increase the level of real-world adoption, this open-source network provides novel features such as allowing ecosystem members to create DApps that solve real-world problems. However, in 2018, it expanded and released its own blockchain – VeChainThor. VeChain was originally designed as a supply chain solution operating on the Ethereum blockchain. In a nutshell, VeChain integrates blockchain technology with the ‘Internet of Things (IoT)’ to enhance the supply chain process for companies. VeChain is a blockchain-based network that aims to provide real-world businesses with transparency, traceability, and enhanced blockchain functions. It satisfies consumers’ desire to know that their purchases are genuine, and it assists companies in gaining better transparency during the manufacturing and delivery process. That is why VeChain’s anti-fraud solution is gaining traction, even in the competitive crypto sector. In 2017, the luxurious industry lost $30 billion due to high-end counterfeit items. It integrates physical monitoring with blockchain records to track real-world items from creation through delivery, assisting in the prevention of fraud and increasing transparency. VeChain is a blockchain-based network that records the truth at each level of the supply chain.
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