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). Following the announcement, VET surged more than 32 percent instantly.
Big News For VeChain
Tom Foth, Senior Director of Emerging Technology Labs at PwC, shared via LinkedIn that Walmart would be entering into a partnership with VeChain.
The stated reason for the partnership is to improve the food safety tracking of foods that Walmart sells in China. According to the announcement, VeChain will provide the blockchain technology needed for this to happen.
It’s easy to see why 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 of more than $219 billion, Walmart’s decision to partner with VeChain could clearly 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. The website contains useful information on the products themselves, such as storage conditions, producer, place of origin, and so forth.
Moreover, the website also displays traceability information such as when each item was picked up, its delivery time, as well as the receipt time. It also shows the place of origin, the production location, and the place where the product is supposed to be received. To top it all off, a Blockchain ID allows anyone to monitor the entire order.
Price Surges in Response
Even though there has been no official announcement as of yet, the fact that this comes from a senior employee at PwC is obviously enough for the price to react.
During the last 24 hours, VET has surged by 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.