The Senior Director of Emerging Technology Labs at Big Four accounting and auditing company PricewaterhouseCoopers (PwC) has announced that Walmart will partner with the popular blockchain project VeChain (VET). VET’s value soared instantly by over 32 percent following the announcement.
Big News For VeChain
Tom Foth is the Senior Director for Emerging Technology Labs of PwC. shared via LinkedIn Walmart has announced a new partnership with VeChain.
Walmart’s stated goal is to enhance the tracking of food safety for foods they sell in China. VeChain, according to an announcement made by Walmart, will be providing the necessary blockchain technology.
VeChain has a lot to celebrate. Walmart has over 2.2 millions employees in over 11,000 retail stores around the globe. Walmart, with an operating profit around $22 Billion and assets totaling more than $219 Billion could benefit from VeChain’s partnership.
Also, there seems to also be a website Users can see the tracking of food that is being delivered to China by VeChain, Walmart and other companies. It also contains information about the product itself, like storage conditions and producer.
The website displays additional information about traceability, such as what time each item is picked up and delivered, or when it was received. The website also displays the location of the origin, production, and where the item is to be delivered. The Blockchain ID is the final piece of information that allows everyone to view and track an order.
Prices Surge in Reaction
The fact that it comes from an employee of PwC, even though the official announcement has not yet been made, is enough to cause the price to respond.
VET’s price has risen by over 32% in the past 24 hours to its current level of $0.009.
In addition, cryptocurrency prices are up by around $30.9% for the last seven days and 30% over the last one month. The chart shows that the increase was rapid and most of it happened in just 40 minutes.
It is still too early to know if VET can maintain its recent successes.
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Source: cryptopotato.com