VeChain isn’t one of the most publicized cryptocurrency projects, but if you’ve been closely following the industry, they’ve probably caught your attention at some point. In 2017, the Singaporean blockchain company was a sleeping giant which made a lot of people money. After all, they were one of the few blockchain companies that seemed to know what they were doing from a business point of view. Plus, there was a lot of buzz at the time around VeChain partnering with BMW.
That buzz ended up being true, by the way.
But 2018 wasn’t exactly the best year for VeChain, at least from an investor’s point of view. The company was still doing big things, rebranded themselves, and continued to gain traction in the Chinese market… but it was 2018, so those days of riding your VEN/VET tokens to the moon were long gone.
Of course, we’re not in 2018 anymore and this is a completely different market. Which is why the brand-new partnership between VeChain and Walmart China is major news, especially if you’re an investor. In other words, don’t sell your tokens just yet.
What Does This Mean?
Basically, it means VeChain isn’t going anywhere. It’s a solid investment that all serious crypto traders should consider getting into. It’s also good for the blockchain industry, because it further legitimizes the technology and helps distance blockchain and cryptocurrency from all the cowboy projects that are all hype, no real value.
Here’s how the technology will be used:
- VeChain will be used to track the quality and safety of foods being sold at participating Walmart stores in China.
- The platform will initially track 23 different products, and is expected to scale by 100% by the end of the year, adding 10 additional product categories to be tracked.
The goal is for the following to be tracked using VeChain:
- 50% of packaged meat sales
- 40% of packaged vegetables
- 12.5% of total seafood sales
While we don’t know for sure whether this information will be available for the public, it’s reported that the data will be stored on the Thor blockchain––a public blockchain developed by VeChain.
What we do know is that this partnership will help bring blockchain into grocery and logistics, making it easier to track goods as they’re distributed from warehouses to retail centers. On top of that, this information will also include a number of other important data points, like the source of scanned products and inspection reports, which customers can access by simply scanning barcodes.
So, definitely be on the lookout for VeChain as the company continues to grow across Asia.