Chinese Walmart subsidiary becomes blockchain pioneer

VeChain partners with the Walmart subsidiary Sam’s Club. Together you want to map food on the blockchain. But success is uncertain. The Walmart subsidiary Sam’s Club announced a partnership with blockchain experts from VeChain (VET). Together, the two companies want to map food supply chains on the blockchain, thereby ensuring greater transparency. Support for the project also comes from the accounting firm PwC., Which has been involved in blockchain space for some time. In January of this year, for example, we received the news that the Big Four company would take over the blockchain audit start-up Chainsecurity. The use of blockchain technology in supply chain management usually has the goal of making the origin and product cycles of food traceable. Since entries on the blockchain are immutable, i.e. unchangeable, the technology creates trust in the integrity of stored data. For example, users can use apps to track the entire food delivery route and determine whether cold chains have been broken.

 

One blockchain solution among many

The Achilles’ heel of the so-called blockchain technology has so far been a lack of standardization. The list of projects that promise more or less exactly the same is as long as it is confusing. In addition to VeChain, there are competing products from IBM, Hyperledger and various smart contract platforms such as Ethereum (ETH) or TRON (TRX), which serve more or less the same application. Early adopters like Sam’s Club are therefore at risk of investing in a project that will be out of the market in a few years. With the complexity of international supply chains, it should only be a matter of time before the market has agreed on a standardized procedure.