The Senior Director of Emerging Technology Labs at Big Four accounting and auditing company PricewaterhouseCoopers (PwC), has announced that Walmart will be partnering up with the popular blockchain project VeChain (VET). Following the announcement, VET surged more than 32 percent in an instant.
Big News For VeChain
Tom Foth, the Senior Directo at the Emerging Technology Labs with PwC has shared that Walmart will be entering into a partnership with VeChain.
Purportedly, the reason for the partnership is to improve the food safety tracking of foods that Walmart is selling in China. Per the announcement, VeChain will be providing the blockchain technology needed for this to happen.
It’s easy to see how this is big news for VeChain. Walmart is one of the world’s largest international retail corporations with over 2.2 million employees and over 11,000 stores worldwide. With an operating income of around $22 billion and total assets for more than $219 billion, it’s not challenging to see how a partnership announcement with VeChain can be beneficial for the latter.
There also seems to be a website which allows users to see how VeChain and Walmart will be tracking food delivered in China. As you can see, the website contains the necessary information on the product itself, as well as useful information such as storage conditions, producer, place of origin, and so forth.
Moreover, the website also shows traceability information such as when it was picked up, what is the delivery time, as well as the receipt time. It shows the place of origin, the production location, as well as the place where the product has to be received. To top it all up, there is a Blockchain ID which allows anyone to monitor the conditions of the entire order.
Price Surges in Response
Even though there is no official announcement as of yet, the fact that it comes from a high-ranked official at PwC is obviously enough for the price to react.
During the last 24 hours, VET has surged with more than 32% to reach its current price of around $0.009.
Moreover, the cryptocurrency is up around $30.9% in the last 7 days and around 30% in the last month. As you can see on the chart, the spike was sudden and the majority of the gains were made in about 40 minutes.
We have yet to wait for the official announcement and to see whether or not VET will be able to sustain its recent gains.
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