VeChain featured in Global Blockchain Applications report published by Shanghai government

VeChain featured in Global Blockchain Applications report published by Shanghai government

by | News

At the start of the blockchain session during the World Artificial Intelligence Conference in Shanghai, the Shanghai Municipal Commission of Economy and Informatization and the Shanghai Finance Information Association released a joint report entitled 2020 Global Blockchain Innovation Applications. The detailed report showed off a number of existing applications using blockchain technology, including VeChain’s Shanghai Gas project, Walmart China’s Food Safety Platform, and the H&M sustainable fashion deployment. The Shanghai Municipal Commission of Economy and Informatization is an official government bureau under the Shanghai Municipal Government. 

The report screened applications based on four metrics: advancement and innovation, quantifiable economic and social benefits, reproducibility and demonstration, and compliance with application case results. It focused on projects across seven fields: Industrial Finance, Governance, Social Livelihood, Judicial deposit, Culture and Entertainment, Intelligent Manufacturing, and Financial services. VeChain was one of the only public blockchains represented, and with three use cases shown off, has further established a clear positional advantage in the Chinese blockchain space. 

The report was launched in a large ceremony during WAIC featuring Liu Shanquan of the Shanghai Municipal Commission of Economy and Informatization, Xing Bo, President of the Shanghai Finance Information Industry Association, and Wu Jun, Secretary-General of the Blockchain Technology Application Alliance

Featured Project #1: Shanghai Gas

Shanghai Gas’s Energy as a service platform was featured prominently on page 11 of the report, with an explanation of how VeChain’s technology allowed the company to create the world’s first liquified natural gas (LNG) information digitization platform. The platform helped to link upstream and downstream businesses in the LNG industry, allowing the secure sharing of data between operations, sales, receiving stations, as well as insurance and finance services. Information acquired included LNG storage tank data from the Wuhaogou site (pictured below), LNG quality data, LNG order information (including delivery order number, delivery volume, logistics carrier vehicle and crew information, etc.) and loading information. This helped to remove the data silo effect between the Wuhaogou site, logistics carriers, and downstream customers. 

The report explained how VeChain provided blockchain infrastructure and application architecture support, while partners PriceWaterhouseCoopers gave consulting services on project strategy, research and implementation. Included was a look at the Shanghai Gas project roadmap, which included real-time resource trading, innovation finance services, and logistics operations management services. 

Featured Project #2: Walmart China Blockchain Traceability Platform

The second project featured shared how Walmart China, who also presented later in the day at WAIC, are using VeChain’s technology to help meet shopper demand for higher requirements on quality and food safety. The platform shares product data between the suppliers, Walmart distribution centers and  consumers.

Consumers can scan the QR code to view the information of products uploaded to VeChain’s ToolChain platform, such as the source of goods, the geographic location information when it was received by Wal-Mart, logistics processing time, product inspection reports and other detailed information. While not featured in the report, it is well-known that after the success of the platform, it has expanded to include premium products in membership-only Sam’s Club China stores as well.

Featured Project #3: H&M and Arket

This section featured a look at one of VeChain’s earlier projects where they implemented NFC tags into Arket beanies. They discussed how H&M Group is continuously exploring blockchain application scenarios with VeChain in the field of sustainable fashion. 

By working with VeChain and third-party verifiers DNV GL, H&M Group is able to track product life data from raw textile materials, processing plants, garment production logistics, stores, and finally to the customers. The project used smart devices and IoT sensors and allowed supply chain participants to record and view data using either a web app or a mobile app, making integration more flexible.

The full 125 page report is available in Chinese here.

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Guangzhou Daily reports on Walmart’s new VeChain-powered solution

by | News

July 5th – Guangzhou Daily ran a story on Walmart’s traceability and food safety platform, confirming it’s arrival in one of China’s most populous cities.

Today (July 5), Guangzhou Daily’s all-media reporter learned from the Wal-Mart Food Safety Promotion Week in Guangzhou that the supermarket has recently launched a packaged food blockchain traceability platform.

This is the first application of the blockchain technology to the traceability platform in the retail field. Compared with the previous traceability system, the blockchain technology can make the data real-time, tamper-proof, and improve the transparency of product information.

According to reports, the first batch of 23 kinds of products have been tested and entered the platform. In the Wal-Mart stores in Guangzhou, as long as the packaged food with retrospective code is attached, the public scans the QR code on the product through the WeChat sweep function. You can immediately get the details of the source of the goods and the geographical location of Wal-Mart’s receipt of goods, logistics process time, product testing reports and other details.

It is understood that in the second half of this year, Wal-Mart will continue to launch more than 100 kinds of products, covering more than 10 categories including fresh meat, vegetables and seafood, and free brand food. In the future, the Wal-Mart blockchain traceability platform will synchronize the product data of the regional government traceability platform and the supplier’s own platform.

Source: GZcankao

The products have now been confirmed in Walmart in both Shenzhen and Guangzhou, two of Southern China’s biggest and most influential cities. News of potentially integrating with a regional government traceability platform will be quite encouraging for VeChain investors, who have heard rumors of government partnerships in the past.

Photos courtesy of Guangzhou Daily.

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What can we expect from Walmart’s public blockchain platform?

by | News

On June 25th, Walmart China announced the creation of a Blockchain Food Safety and Traceability Platform alongside partners VeChain, PwC, China Chain Store and Franchise Association (CCFA), Kerchin, and various other food producers. Walmart will use VeChain’s blockchain technology to verify products along the supply chain, increasing consumer trust. Customers will be able to scan products directly through WeChat as they browse products in stores.

What’s the significance?

Food safety and product verification were always recognized as a use case blockchain could have a major impact on. Industry-wise, the painfully slow development process has gone on for years, leaving only an underwhelming slew of pilots and proposed solutions to show for it. Walmart China’s platform is the closest we’ve seen to a fully mature implementation, with 23 active product lines making a major spike of traffic on the VeChain mainnet.

Walmart China is making notable progress in a competitive market. A revenue of $10.7 billion in 2018 gives them the 4th highest market share of all retailers, a strong return from their 443 nationwide locations and online platforms. Walmart Global boasts a higher-than-average inventory turnover, which reflects positively on their ability to rapidly stock and sell inventory, an important metric for forecasting blockchain traffic.

With 23 product lines already available, the platform is already burning more than one fourth of the average VTHO produced each day. With plans for Walmart to expand a further 100 product lines this year, it’s easy to imagine the large VTHO surplus quickly becoming a dwindling reserve, especially when considering that Walmart China is just one of a number of multinational partners. This creates some very encouraging scenarios for VeChain investors, who might suddenly find the token in high demand. If these scenarios were to play out, the foundation would need to increase the VTHO generation rate, providing VET holders with an even higher rate of return.

Who is watching?

Over the last two decades, China has been hit by a string of food safety scandals that have rocked public trust. These include counterfeit milk formula, heavy pesticide use, re-processed dead pork, and recycled “gutter” cooking oil. The Walmart China announcement took place as part of China Food Safety Publicity Week, hosted by 23 government departments, including the food safety commission of the State Council and the National Health Commission. The state council and Communist Party have recently proposed goals that would see 97% of food fulfill food safety requirements by 2020, placing pressure on farmers and manufacturers to improve. This partnership illustrates the usefulness of blockchain technology to government and corporate organizations, setting a trend for food producers, retailers, and policy-makers to follow.

As a co-host of the event, the China Chain Store and Franchise Association (CCFA) is not to be overlooked. They are a non-profit organization that represents retailers and franchises in policy-making and industry management, including most of the large franchises such as Walmart, Carrefour, and Tesco. Being able to give the CCFA a firsthand glimpse of VeChain’s blockchain technology is yet another positive takeaway from the partnership announcement.

The Future of Shopping in China

In the land where eCommerce, delivery services, and mobile payments are ubiquitous, it’s not unreasonable to expect blockchain solutions to be massively popular.

As the top employer in the US, Walmart knows the importance of innovating to maintain or gain market share. Over the past few years, Walmart China has made significant investments in technological partners, including China’s second largest eCommerce company, JD.com. This strategic alliance allows them to offer their products through a platform that saw 352 million active users in the last quarter of 2018. In addition to eCommerce, Walmart China is focusing on last mile delivery, as fleets of eBikes bring products directly to the door of consumers, with a delivery time guarantee of under an hour.

Blockchain is the latest attempt to improve the online-to-offline (o2o) customer experience. Customers browsing the physical stores are now able to scan food items using WeChat, to learn more about the products they are considering. Walmart-China recognizes the importance of this, as a joint industry report (JD.com and Walmart) in 2018 highlighted the fact that “product quality” was the most sought after trend, edging out “convenience” and “value for money” in a survey of Chinese consumers. This makes the VeChain-powered solution an integral part of their core business offering, as having verified data about products will make their goods much more attractive.

Long-term, it’s not unreasonable to expect nearly all food products to have their own unique data that consumers can view and provide feedback on when shopping both online or in physical stores. QR codes have essentially replaced cash in modern China, and their power to convey information gives blockchain a fully developed infrastructure to build on. This is an area Walmart and VeChain are primed to take advantage of as they continue to innovate and empower consumers.

Additional statistics: Wal-Mart 2018 10k

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Wat kunnen we verwachten van Walmart’s publieke blockchain platform?

by | Uncategorized

Op 25 juni onthulde Walmart China het ‘Blockchain Food Safety and Traceability Platform’ samen met hun partners VeChain, PwC, China Chain Store and Franchise Association (CCFA), Kerchin en enkele andere voedselproducenten. Walmart zal VeChain’s blockchain-technologie gebruiken om producten te verifiëren langs de supply chain, met als doel om het consumentenvertrouwen te verhogen. Consumenten kunnen de producten scannen met de app WeChat (de meestgebruikte app in China) wanneer zij in de winkel zijn.

Hoe significant is dit?

Voedselveiligheid en productverificatie werden altijd al gezien als een van meest impactvolle gebruiksgevallen van blockchain-technologie. Als we naar de industrie hieromheen kijken, zien we dat het ontwikkelen en implementeren van deze technologie langzaam gaat en al enkele jaren op zich laat wachten. Tot nu toe hebben we (naast MyStory) slechts enkele tegenvallende pilots gezien. Echter, het nieuwe platform van Walmart China komt erg dicht bij het idee van een volledige implementatie. Tot nu toe zijn er 23 verschillende producten actief, wat we afgelopen week konden zien aan de toename van verkeer op het VeChain mainnet.

Walmart China maakt veel vooruitgang in een zeer competitieve markt. In 2018 maakte het bedrijf een omzet van maar liefst $10,7 miljard van hun 443 supermarkten en online platformen, hierdoor staan zij wat betreft marktaandeel op nummer vier. Daarnaast verkoopt Walmart Global hun voorraad sneller dan de gemiddelde winkel; een positief beeld van hoe snel zij hun voorraad kunnen bijvullen en verkopen. Dit is belangrijk bij het voorspellen van blockchain-verkeer.

Met de 23 producten die al beschikbaar zijn, verbrandt het platform ongeveer een vierde van de gemiddelde VTHO die per dag geproduceerd wordt. Met de huidige plannen om uit te breiden met nog 100 productlijnen voor het einde van dit jaar, kunnen we zien dat er een zeker vraagoverschot naar VTHO zal ontstaan. Dit zorgt voor enkele zeer aanmoedigende scenarios voor VeChain investeerders.

Wie kijkt er mee?

De afgelopen twee decennia zijn er in China vele schandalen geweest omtrent de voedselveiligheid, met als gevolg een ver te zoeken consumentenvertrouwen. Hieronder vallen onder andere nagemaakte melk, overvloedig gebruik van pesticide, opnieuw verwerkt dood varkensvlees en gerecyclede gootolie. De aankondiging van Walmart China werd gedaan als deel van de China Food Safety Publicity Week. Dit werd gehost door 23 overheidsdiensten, waaronder de voedselveiligheidscommissie van de deelstaatraad en de nationale gezondheidscommissie. De deelstaatraad en de communistische partij hebben onlangs enkele doelen voorgesteld, waaronder het doel dat voor 2020, 97% van al het voedsel voldoet aan de voedselveiligheidseisen. Dit zorgt voor meer druk op boeren en fabrikanten om hun voedsel veiliger te maken. Deze samenwerking laat zien hoe nuttig blockchain-technologie kan zijn voor de overheid en bedrijfsorganisaties. Zij zetten de trend die producenten, winkels en beleidsmakers zullen volgen.

Als mede gastheer van het evenement mag de CCFA niet over het hoofd gezien worden. De CCFA is een non-profit organisatie die winkels vertegenwoordigt bij het maken van beleid industrie management. Zo vertegenwoordigen zij onder andere Walmart, Carrefour en Tesco. Het feit dat de CCFA als eerste ziet hoe de blockchain-technologie van VeChain wordt toegepast is nog een positief bijeffect van de samenwerking

De toekomst van shoppen in China

In het land waar e-commerce, bezorgdiensten en mobiele betalingen alomtegenwoordig zijn, is het niet onredelijk om te verwachten dat blockchain-oplossingen erg populair zullen worden

Verse paddestoelen op de blockchain

Als de nummer 1 werkgever in de VS, weet Walmart erg goed hoe belangrijk innovatie is om je marktaandeel te behouden of vergroten. De afgelopen jaren heeft Walmart China significante investeringen gemaakt in technologische partners. Onder deze partners valt China’s op een na grootste e-commerce bedrijf, JD.com. Naast e-commerce focust Walmart China zich op last-mile delivery: dit is het laatste deel van het bezorgproces voordat de bezorging bij de klant komt. China krijgt steeds meer bezorgers op e-bikes die producten onmiddelijk naar de consument brengen.

Blockchain is de laatste poging om de online-to-offline (o2o) klantenervaring te verbeteren. Klanten die rondlopen in de fysieke winkels kunnen voedselproducten scannen met de app WeChat, zo kunnen zij meer te weten komen over de producten die ze willen kopen. Walmart China ziet in hoe belangrijk dit is: een verslag van JD.com en Walmart uit 2018 legde nadruk op het feit dat ‘productkwaliteit’ het meest gewild is bij consumenten; dit staat hoger op de lijst dan ‘gemak’ en ‘waar voor je geld’ in een enquête gehouden onder Chinese consumenten. Dit maakt dat VeChain’s oplossingen een deel vormen van de kernwaarden van Walmart China, aangezien geverifieerde gegevens hun producten veel aantrekkelijker maken.

Op de lange termijn kunnen we verwachten dat bijna alle voedselproducten hun eigen unieke data krijgen die bekeken kan worden door consumenten; online én in de fysieke winkels. In het moderne China hebben QR codes de afgelopen jaren zelfs cash vervangen. De kracht van QR codes om informatie over te brengen, geeft blockchain een volledig ontwikkelde infrastructuur om bovenop te bouwen. Walmart en VeChain staan klaar om hiervan te profiteren terwijl zij doorgaan met innoveren en meer macht geven aan consumenten.

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