VeChain rate rises 37 percent after news cooperation with supermarket chain Walmart China


The value of VET (VeChain) increased explosively last night, and that has everything to do with the announced collaboration with Walmart. According to CoinMarktCap, the value increase is no less than 37 percent!

Improve image around food safety

Walmart in China has therefore announced that it is working on a blockchain platform to improve the traceability and food safety of its products. That is also necessary, the Chinese branch of the American supermarket chain is not really known for closely following the rules regarding food safety.

The supermarket chain does not build the blockchain itself, they do so in collaboration with, among others, VeChain, PricewaterhouseCoopers and various other food producers.

Regain trust

The idea is that VeChain’s blockchain technology is used for greater transparency in the supply chain, and that should lead to regaining consumer confidence.

WeChat is very popular in China, comparable to WhatsApp in Europe. Ultimately, customers with WeChat should be able to scan products in the Chinese Walmart.

The name of the platform is a mouthful: Walmart China Blockchain Traceability Platform. According to the VeChain website, 23 product groups have already been tested and included on the platform. It is also expected that this number will be increased to 100 by the end of the year.

Do you want a sneakpeak from the platform? This is what Chinese consumers see.

More transparency needed

Walmart opened its first store in China in 1996. According to the latest statistics, there will be “only” 424 stores and 19 Walmart wholesalers in China in 2018. Compare that with the United States, the country where Walmart comes from. There are more than 4,100 Walmart stores there. Business Insider wrote a year ago that Walmart in China does not really catch on because the retail chain does not know what Chinese customers want, so they miss a market connection.

This led to a not too good turnover. In addition, there were food safety scandals, the Chinese branch of Walmart quickly and often changed CEOs and they had problems with the Chinese government.

If the VeChain blockchain can provide more transparency, then that can only be welcomed.

What kind of influence can this have on VET?

The announcement with Walmart obviously means that more transactions are taking place and will be found on the VeChain network. As a VET holder you receive VTHO (VeChain Thor) that you can use to execute smart contracts and applications on the blockchain. Every day coins VTHO “burned” but also made. At the moment, more are being created than destroyed.

But through collaborations such as those with Walmart, there comes a point where more is being burned than made. And then there is more demand than supply and that is always good for the price.

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