Enterprise-focused blockchain solution VeChain, alongside Walmart China, has achieved a jaw-dropping milestone.
In a tweet, VeChain (VET) said it has helped retail corporation Walmart China to process over 200 million transactions.
Notably, the transactions were processed on a private network dubbed Walmart China Blockchain Traceability Platform, a private network built on the VeChainThor blockchain in 2019.
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“By leveraging the power of blockchain technology, VeChain is playing a pivotal role in revolutionizing the food industry with its safer and traceable food solutions. With a strong focus on regulatory compliance, they are helping Walmart to align with their key sustainable goals,” VeChain noted in its recent announcement.
VeChain rockets past 200M transactions with Walmart!#VeChain is helping lift safer, traceable food with blockchain tech plus strong regulatory compliance, helping align Walmart with key sustainable goals. Another collaboration from VeChain launching a better future! $VET pic.twitter.com/iq3fWekhIS
— vechain (@vechainofficial) January 29, 2024
While the Walmart China blockchain traceability platform has recorded over 200 million transactions, the number of transactions on the VeChain mainnet is currently around 52.84 million.
The feat comes barely three months after VeChain secured a groundbreaking U.S. patent. The patent, which was approved on October 24, 2023, unveiled VeChain’s plans to introduce a novel method for processing a single transaction with multiple tasks.
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Interestingly, the recent transaction milestone achieved by VeChain shows that the leading blockchain solution is starting the year on a high note. Earlier this month, VeChain CEO Sunny Lu expressed optimism for the future of the crypto industry, hailing 2024 as a big year for crypto.
VeChain Partnership with Walmart
Notably, the VeChain and Walmart partnership started as far back as 2019. Through the collaboration, Walmart customers leveraged VeChain’s tech to enhance the traceability of products’ origin and other details.
In addition, VeChain’s technology also enabled Walmart customers to track products from farms to the stores. To track items, users are required to scan the product’s QR codes in order to get its real-time details.
Following the success of Walmart’s partnership with VeChain, the duo introduced 23 product lines into the traceability platform, a move that further showcased the real-world applicability of blockchain solutions.
Vechain's collaboration with Walmart China ?? for its #Blockchain Traceability Platform was featured in a recent article, 'FuturProof #224: Enterprise Blockchain – Walmart (10/10)' ?
Full Article ?https://t.co/FiFgGIQHD7#vechain $VET #Crypto #Bitcoin $BTC #Technology #SCM pic.twitter.com/StiATSDcNs
— eisenreich (@eisenreich) December 6, 2023
Since the partnership was announced, hundreds of Walmart China customers have used VeChain’s technology to track products and obtain other details. This has contributed to the massive surge of the platform’s transaction volume to over 200 million.
VeChain’s Solution Leverage in Other Sectors
Beyond food traceability and Walmart, VeChain’s technology has been adopted across several industries, including sports and fashion.
In the sports sector, VeChain collaborated with Internazionali BNL d’Italia in May to develop VechainThor-powered trophies embedded with NFC chips and assigned NFTs.
Furthermore, VeChain and French sports fashion brand Venum established an apparel line in November 2023. The initiative, which leverages NFT and NFC, helps to guarantee the authenticity and origin of hoodies, vests, and T-shirts developed by Venum.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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