VeChain Price Jumps on Walmart News

VeChain Price Jumps on Walmart News

The price of VeChain’s native VET token spiked over 30% after it was reported that the company is providing the platform for the China-based arm of retail giant Walmart to implement a blockchain solution to tracking food safety.

No formal announcement has yet been made by Walmart but a director of PricewaterhouseCoopers (PwC), who are also part of the collaboration, was the first to break the news in a social media post. VeChain CEO, Sunny Lu, despite admitting he was waiting for Walmart’s official response, was quick to confirm the arrangement through his own Twitter feed.

Public, Private, Hybrid Blockchains

Shortly after confirming the deal, Lu posted half a dozen posts expressing his initial thoughts on the breakthrough with Walmart.

He went on to suggest that the partnership will definitely bring “…mass adoption not only reaching to consumers but also aligning with more than 500 food suppliers batch by batch in a same replicated mode.”

It is the joining of private and public blockchains in the production process that appear to be of significant interest to Lu.

The CEO ended his posts with an affirmation that VeChain’s involvement is “…not just a “partnership”…it’s a live project and application with valuable transactions to be seen by consumers.”

Walmart are known to have a strong affinity with blockchain technology and have previously instructed suppliers to engage with and deploy blockchain-based solutions.