VeChain and Walmart will launch a joint project: against this background, the price of the VET token soared by 24%

by in Blockchain News

VeChain and Walmart will launch a joint project

VeChain blockchain project together with one of the world's largest consulting firms PricewaterhouseCoopers (PwC) and American retailer Walmart will launch a project to ensure food safety in China.

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In particular, Walmart will be engaged in the supply of products to China, and VeChain will provide a blockchain solution to control this process.

Note, the American retailer began experimenting with the introduction of a system that allows you to track information about food products, back in 2016.

CEO of VeChain Sunny Lu noted that further details will be known after the official release. He also stressed that this is not only about partnership companies are working on a joint project and the use of technology to empower clients.

The head of VeChain also added that the collaboration demonstrates the interest of large enterprises, such as Walmart, in using not only private, but also public blockchains.

Lu said that technically the crosschain protocol between VeChain and the others is ready.

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It is reported that Walmart China has already conducted the first tests using VeChain technology. In the second half of this year, the scale of the project is planned to be expanded by adding such categories of products as meat, vegetables and seafood to it.

It is worth noting that, on the background of this news, the rate of the VET token jumped sharply, rising at a certain point by 40%, updating the maximum in 2019 at $0,0103. Later the price was slightly adjusted. At the time of writing, the VET is trading in the $0.009045 area.