The VeChain team is making headlines with a series of significant developments in 2023. Most notably, on March 6, 2023, they released the VET 3.0 protocol, a key milestone in their ongoing efforts to enhance and innovate within the blockchain space.
VeChain’s commitment to technological advancement received a boost in November with the approval of a groundbreaking US patent. The patent, granted on October 24, 2023, introduces a novel method for processing multiple transactions.
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VeChain collaborates with Walmart China
One of VeChain’s major collaborations took shape through a strategic partnership with Walmart China. Together, they launched 23 product lines as part of Walmart’s broader initiative to expand its blockchain ecosystem in supply chain management. Notably, this collaboration builds on Walmart’s earlier successes with VeChain, particularly in the area of food traceability.
As early as 2018, Walmart could trace over 25 different products. These include categories such as mangoes, leafy greens, and dairy products, directly back to their respective farms. Additionally, by 2019, the retail giant had leveraged blockchain technology to enhance traceability in the supply chain.
The collaboration with VeChain on the Walmart China Blockchain Traceability Platform represents a strategic move towards furthering transparency and efficiency in supply chain operations. In addition, the platform saw the introduction of 23 product lines, showcasing the real-world applicability of blockchain technology.
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Walmart’s use of blockchain technology extended beyond its collaboration with VeChain. The retail giant piloted the technology for tracking shrimp exports from India to the U.S.
VeChain’s dual focus on continuous development and strategic partnerships exemplifies its commitment to advancing blockchain technology. In addition to the ongoing developments, VeChain also recently released a dApp kit for dApp builders.