[PwC China] PwC and VeChain help Walmart China build its Blockchain Traceability System (25 June 2019)

Beijing, 25 June 2019 - Today, the 2019 National Food Safety Publicity Week Traceability System Construction Seminar, co-sponsored by Walmart China and China Chain Store & Franchise Association, was held in Beijing. Walmart China Block Chain Traceability System was officially launched at the same time. PwC and VeChain, as the technical support partners of the platform, jointly participated in the launching ceremony. Customers can scan the QR codes of goods to get detailed information about the source of goods supply and the geographical location, logistics time process and product inspection reports received by Walmart. The first batch of 23 commodities completed the on-line test and successfully on the blockchain platform. It is expected that more than 100 commodities will be on the platform in the second half of the year, covering more than 10 categories. In recent years, with the increasing demand of consumers for safe and high-quality food, commodity traceability system based on blockchain is gradually becoming an effective tool to enhance the transparency of commodity supply chain and enhance consumer trust. Based on professional service experience and technological advantages, PwC and its blockchain service provider VeChain helped Walmart China to develop a commodity traceability platform based on VeChain’s blockchain platform. By using the technical characteristics of decentralization of blockchains and data unalterable, the information of Walmart and its suppliers in each link of the supply chain was uploaded to the blockchain platform to record the key points achieving traceability of sources, destinations and responsibilities, and effectively strengthen process quality management and risk control. Elton Yeung, Strategy and Innovation Leader, PwC Mainland China and Hong Kong, pointed out: "PwC's mission is to ‘building trust and solving important problems’, which is the top priority of PwC in providing professional services and making business decisions. In the face of food safety, how to build consumer trust is a problem that PwC, our clients and partners have been trying to solve. We believe that Walmart's Blockchain Traceability System will be an excellent example of blockchain technology applied in retail industry, helping to improve food safety and quality management, and providing a strong base for building consumer trust.” Bengti Tan, Chief Ethics & Compliance Officer of Walmart China said: "Walmart has always adhered to the principle of honest management, managed food safety through three-dimensional management, and followed the concept of food supply chain management from farm to table. In order to bring customers a more transparent and comfortable consumption experience, Walmart actively responded to the government's recommendations to put the development of fresh food traceability in a very important strategic position, relying on digital technology to provide innovative solutions for traceability platform.” Samie Wan, Food Supply and Integrity Services Leader, PwC China said: "Practice has proved that traceability platform based on blockchain can make food production and transportation process more transparent and provide reliable and real-time commodity information to customers. It will become an effective tool for food safety and quality management. We expect that more enterprises can help improve the transparency and timeliness of supply chain information management through the application of innovative technology, so that customers can continuously enhance their trust in the goods and services provided by enterprises.” Kevin Feng, COO of VeChain, said: "As the world's leading platform for business-friendly blockchains, VeChain hopes to empower enterprises by providing secure and mature blockchains solutions, help them achieve more value in the process of large-scale digitization, provide new ideas for the development of business ecology, and at the same time promote the development of blockchains technology. As the world's leading retail commodity supplier, the launch of Walmart China Blockchain Traceability System is of great significance to the commercial application of blockchain technology. With Walmart and PwC, VeChain will actively respond to the government's recommendations, use technology to promote the development of fresh food traceability, rely on digital technology to provide innovative solutions for traceability platform, and bring customers a more transparent and secure consumption experience.”