VeChain (VET) Spikes 25% on Walmart Partnership
VeChain (VET), the supply chain logistics blockchain, surged on Tuesday amid reports that it had secured a partnership with Walmart Inc. to implement a food tracking system for the retailer’s East Asia operations.
VET Price Update
The value of VeChain spiked by a third on Tuesday, reaching a high of $0.01026, according to CoinMarketCap. At the time of writing, VET was up 25.5% at $0.0090.
VET was also surging against bitcoin, with the VET/BTC exchange rate climbing 21.4% to 0.00000080.
At current values, VeChain has a total market capitalization of $501 million, making it the 28th largest blockchain project. The coin’s reported trade volumes were $242 million.
Over the past 90 days, the VET price has fluctuated by a whopping 87%. The coin bottomed at $0.0056 back in March before undergoing a sustained recovery. Year-to-date, VET is up 130%.
Read more: How to Make Passive Income with VeChain.
Tom Foth, a senior executive at PricewaterhouseCoopers (PwC), announced via LinkedIn on Monday that VeChain and Walmart have reached an agreement to implement a blockchain-powered food-tracking system to be used in the retailer’s China operations.
“At the Walmart, Vechain, PwC announcement of food safety tracking of foods Walmart sells in China. Vechain is providing the blockchain technology,” Foth said.
Walmart is the world’s biggest retailer with over 11,000 locations. The Dow Jones blue-chip has a market capitalization of $317 billion as of Tuesday.
VET has flown under the radar during the 2019 crypto revival, but remains one of the most promising blockchain projects on the market. For starters, VeChain is looking to disrupt the multi-trillion-dollar supply-chain management industry, and is doing so through a process called asset digitization.
The platform uses a hash function to assign a specific VeChain identity and then uses RFID, NFC or QR codes to connect that identity with a specific product. Public keys are used to identify the owner of a product and a corresponding private key is used to identify who controls that asset.
VeChain’s technology can be applied to practically any industry that uses supply chain management. With respect to food and other perishable items, VeChain can be used to track the flow of goods to verify their safety and ensure they have not expired before reaching the consumer. Read more: Why Investors Should Pay Attention to VeChain.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.