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Walmart China Takes on Food Safety with VeChainThor Blockchain Technology

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On June 25, in combination with Walmart China, China Chain-Store & Franchise Association (CCFA), PwC, Inner Mongolia Kerchin Co., Ltd., and VeChain, the Walmart China Blockchain Traceability Platform, built on the VeChainThor Blockchain, was announced at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar. This seminar was jointly organized by Walmart China and the CCFA in Beijing.

The announcement of the Walmart China Blockchain Traceability Platform came with the introduction to the first batch of 23 product lines that have been tested and launched on the Platform. The Platform is expected to scale by another 100 product lines by the end of the year covering more than 10 product categories including fresh meat product, rice, mushrooms, cooking oil, etc. It is expected that the Walmart China’s  traceability system will see traceable fresh meat account for 50% of the total sales of packaged fresh meat, traceable vegetables will account for 40% of the total sales of packaged vegetables, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020.

VeChain’s blockchain technology is enabling Walmart China to implement a traceability strategy for products and pioneer the large-scale application of blockchain traceability. By scanning the desired products, customers can acquire detailed information, including the source of the scanned products and geographic location received by Walmart, logistics process, product inspection report, and many more data points. Data collection and data availability are to be continually added to the scale of the platform and its use of blockchain technology.

THE WALMART CHINA BLOCKCHAIN TRACEABILITY PLATFORM SIGNING CEREMONY

The Walmart China Blockchain Traceability Platform signing ceremony took place at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar. The partners in attendance are represented by:

  • Mr. Pei Liang, President of CCFA
  • Mr. Chu Dong, Vice President of CCFA
  • Mr. Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China
  • Mr. Yang Weizhi, Managing Partner of PwC China Strategy and Innovation
  • Mr. Feng Yikai, Chief Operating Officer of VeChain
  • Mr. Liu Xiaoen, Chief Procurement Officer of Walmart China
  • Mr. Chen Mingzhi, Chief Ethics Compliance Officer of Walmart China
  • Dr. Yan Zhinong, Executive Director of Walmart Products Safety Collaboration Center
  • Mr. Li He, Chairman of Inner Mongolia Kerchin Co., Ltd.

As part of the event, the signing ceremony attendees conducted a discussion on how to share responsibilities and use technological innovations to guarantee the quality and safety of products and edible agricultural produce, boost consumer confidence and satisfaction, and contribute to the upgrading of service consumption.

Kevin Feng, Chief Operating Officer of VeChain commented on the collaboration, said: “As the world-leading enterprise-public blockchain platform, VeChain aims to empower enterprises in the large-scale digitization process by providing safe and mature blockchain deployment solutions and promote the wide application of blockchain technology. We achieve this while putting forward new insights for the development of the businesses’ ecosystems. The launch of the Blockchain Traceability Platform by Walmart China, the world-class retail giant, is of great significance to the commercial application of blockchain technology. VeChain will work with Walmart China to actively take heed of the call of the government, by utilizing technology to promote the traceability of fresh food, and to provide innovative solutions for the traceability platform through digital technology, so as to generate more transparent and reassuring consumption experience.”

Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China, stated: “Walmart has always worked to provide reliable products of quality and convenient services to customers, which is our core value proposition. With this target in mind, Walmart has continuously invested in the whole supply chain, from source procurement and commodity strategy, supply chain construction, to store and e-commerce platform operation management. We use digital methods to improve efficiency and transparency, providing products and services of quality to customers and making life better for busy families in China. ”

Elton Yeung, Strategy and Innovation Leader, PwC Mainland China and Hong Kong, pointed out: “PwC’s mission is ‘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 the retail industry, helping to improve food safety and quality management, and providing a strong guarantee for building consumer trust.

REALIZING LARGE-SCALE APPLICATION OF BLOCKCHAIN TECHNOLOGY AND PROMOTING PRODUCT TRACEABILITY IN THE RETAIL INDUSTRY

As a retailer trusted by consumers, Walmart has been devoted to improving food safety and quality management, and VeChain’s blockchain technology will enable it to take the lead in traceability management among retail peers. Walmart China has pioneered the large-scale application of traceability platform based on the VeChainThor Blockchain, giving priority to products of high-concern and high-risk. The first batch of 23 product lines have been tested and implemented using the public blockchain platform with more than 100 product lines following in the second half of this year, covering more than 10 categories.

Domestic customers are proposing higher demands on food safety, digitalization of food traceability will help suppliers to increase their brand value and win their consumers’ trust. Walmart China expects the use of the platform to continue to grow in scope, accounted scales, and geographic implementation. As the platform continues to expand, more categories of food will be traceable and thus the value transfer will be further expanded in the industry reflected on the VeChainThor Blockchain.

Through the technical support of PwC and VeChain, Walmart China has built the proprietary food safety traceability platform on the VeChainThor Blockchain. Participants in the supply chain will share their portion of data, and promote the visibility and management efficiency of the whole chain by utilizing the decentralized and tamper-proof blockchain technology. This platform enhances the transparency of product information, ensures the authenticity of product data, and boosts the trust of their consumers. In the future, the Walmart China Traceability Platform shall adopt multilateral cooperation, synchronizing data from local governments’ traceability platforms and suppliers’ own platforms, so as to provide customers with safe and high-quality products, all on the VeChainThor Blockchain.

 

SOURCE VeChain

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CICC Upgrades Wealth Management Strategy and Officially Launches “CICC Wealth Management” Brand

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Photo source: unsplash.com

 

China International Capital Corporation Limited (CICC and “the Company”, 3908.HK) has just held the CICC Wealth Management Strategy Upgrade Conference 2019 in Shenzhen today under the theme of “Building Our Future through Partnerships, Achieving Life Goals to the Fullest” and announced the official launch of its wealth management brand “CICC Wealth Management”. More than 700 guests were invited, including government officials, regulatory authorities, customer representatives, shareholder representatives and employee representatives.

The Unified Brand “CICC Wealth Management” Officially Launched

Providing wealth management service for individuals is one of the important strategies of CICC. In 2007, CICC took the lead in providing wealth management services under the international standards. In 2016, CICC announced the restructuring with China Investment Securities Company Limited (CISC), which became an important starting point for the transformation and upgrading of CICC’s wealth management business. This restructuring has resulted in the further upgrade of CICC’s wealth management and retail brokerage business platform. By merging CISC’s extensive customer base and nationwide branch network, CICC’s strength in brand, research, products and prime brokerage business have been brought into full play.

This time, CICC has integrated the former “CICC Wealth Management” brand, with CISC’s wealth management and brokerage sub-brands, such as “CISC Gold” and “CISC Mobile” to launch the new unified brand “CICC Wealth Management”. It marks the comprehensive integration of the two platforms, and it is another milestone of the strategic transformation of CICC’s wealth management business.

Strategy Upgrade

With 12 years experience, CICC Wealth Management has become a leading wealth management institution in domestic market and has obtained many prizes from media. By taking advantage of the reform in Shenzhen and the restructuring of China Southern Securities, CISC has accumulated abundant experiences in the retail brokerage industry through more than 20 years, and has acquired strong industry position and impact.

After the brand integration, with its high-quality and professional wealth advisor team, its ability to provide solutions under international standards, its close interaction with other business divisions such as Investment Banking, Asset Management, Research and its strong technological platforms, CICC Wealth Management will provide its clients with a full-chain, one-stop and multidimensional platform, which offers more efficient, globalized and integrated trading, investment management, financing services, as well as a set of comprehensive solutions with the cooperation between wealth management and other business segments of CICC such as Investment Banking.

CICC Wealth Management will adhere to its faith of always putting its clients as priorities, persist on the model of wealth management from the buy-side perspective and dedicate itself to thoroughly understanding its clients’ needs and wants, helping its clients with professional investment advices, executing and keeping track of those investment plans religiously and trying to establish long-term trusting relationships with its clients. During this strategy upgrade conference, CICC launched “CICC Wealth Planning”, “CICC Wealth Management China Top 50 Private Account Service” and “CICC Global Family Office” which are close to advanced international market solutions. With leading professional standards, profound understanding of market policies and global visions, CICC provides life-long wealth planning for its clients, as well as asset allocation products and solutions.

Besides, CICC Wealth Management has been actively embracing the digital transformation and has made it step into the FinTech industry. Recently, CICC announced that the Company entered into a shareholders’ agreement with Tencent Digital (Shenzhen) Limited, an indirect wholly-owned subsidiary of Tencent Holdings Limited, pursuant to which the parties agreed to establish a technological joint venture. The technological joint venture is proposed to, through providing technological platform development and digitalized operational support services, facilitate the company’s wealth management, retail brokerage and other businesses to provide more convenient, intelligent and differentiated wealth management solutions, enhance the service efficiency of investment advisor, optimize precision marketing and strengthen compliance and risk control. The technological joint venture is expected to drive the accelerated transformation and scalable development of the Company’s wealth management business with digital and FinTech capabilities.

With sufficient experience in the Chinese market and always evaluating itself with global standards, CICC Wealth Management aims to build up a platform to satisfy its clients’ needs in their businesses, families and personal development comprehensively. By launching its official brand “CICC Wealth management”, imposing on its strategy upgrade and getting involved in the FinTech industry, CICC has implemented its best practices within the recent couple years to strengthen its wealth management service.

Looking into the Future

In the future, as the unified platform of CICC’s wealth management and retail brokerage business, CICC Wealth Management will continue to follow its core values of “Clients First”, “Integrity as Foundation” and “Chinese Roots and International Reach.” Adhering to our buy-side thinking and putting our clients’ interests as our priorities, we will keep on providing professional wealth management solutions to our clients under global standards and with the high quality resources from CICC’s investment banking, private equity, asset management, research and other business.

 

SOURCE China International Capital Corporation Limited

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IWFCIM & IBVM – championing efforts to incorporate sustainable business practices among entrepreneurs and promoting blockchain tech for supply chains

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Panelist for the segment Growing Local Industry Through Sustainable Fashion. From Left Ambika Sangaran, Managing Partner from Biji-biji, Dr Cordelia Mason, President from Yayasan UniKL Masrina Abdullah,Founder from Masrina Abdullah Empire Ventures Studio, Kristina Teow, President from Lean In Youth, Cris D Tran, Regional Head from Infinity Blockchain Ventures and Alejandro Kikuchi, Head International Growth, Wokana.

 

International Women’s Federation of Commerce and Industry Malaysia (IWFCIM) and Infinity Blockchain Ventures (IBV) has jointly organised the Blockchain and Fashion (BCF): Growing Local Industry Through Sustainable Fashion at the Black Box, Publika on October 15th, 2019 in conjunction with the Malaysia Fashion Week.

With the theme of Growing Local Industry Through Sustainable Fashion, BCF brings together iconic people from the sustainable fashion market and technology providers to showcase how blockchain’s transparency and traceability functions.

Dato’ Elaine Teh, President, IWFCIM, expressed her excitement on the opportunities available for entrepreneurs today: “The advent of technology enables companies to seamlessly integrate complex capabilities that can trace the whole journey of their products from farm to garment. That represents a whole new meaning to sustainability as consumers can now make smart choices on their purchases based on the information available.”

Biji-biji, one of the leading sustainable fashion players, showcased its product, the Merak Banner tote bag. Using the solution from WowTrace, it enables consumers to check and validate the origin of the product, what it is made of, when it is made — at every stage of the supply chain.

Malaysia’s leading technology visionary, Datuk Yasmin Mahmood, CEO, FutureReady Consulting Sdn Bhd says that, “The ABCD technology is embedded in our social fabric today. Specifically, with blockchain, we have arrived at an exciting time, where two-pronged goals are met. Firstly, we can have local industries and communities thrive as their artisan work, culture, heritage and rights can be protected. Secondly, it helps industries and SMEs immensely in integrating the Sustainable Development Goal as part of their strategic focus.”

“Sustainability is crucial in order to preserve the future. Through new technologies like blockchain, it can further enhance product traceability and can bring a whole new meaning to the term ethically sourced“, cite Cris D. Tran, Regional Head, Infinity Blockchain Ventures.

IBV has a full suite of blockchain solution offerings to support the local entrepreneurs by providing opportunities to learn more about blockchain technology. IBV believes that Malaysia has the potential of having successful blockchain technology implementations due to its diverse market and strong infrastructure. They are also currently working with local players to train more Malaysian blockchain developers to further support the growth of blockchain technology within the market.

 

SOURCE Infinity Blockchain Ventures

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Kakao’s Klaytn Welcomes 8 New Blockchain Application Partners

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Klaytn Welcomes 8 New Blockchain Partners

Klaytn, the leading blockchain project led by the South Korean Internet giant Kakao, today announced that 8 new blockchain projects have joined Klaytn as service partners to further developments in bringing mass blockchain adoption globally.

Dedicated to building readily usable blockchain-powered services, Klaytn is partnering with promising blockchain projects in various industry domains with massive global user base. More than a dozen of its partners that earlier joined Klaytn have already launched blockchain services, while others are set to open until early next year.

Operated by Korea’s art promotion initiative ‘ARTWA Platform,’ ‘STARTnet’ is a social commerce-based art platform committed to fostering new artists and innovating the art industry. It seeks to create a transparent art market by equipping the artists with the right to protect their own artworks. It also provides friendly art services and curations that anybody can enjoy.

Developed by Korea’s big data-based social media platform ‘0.8L,’ ‘LITER’ will also be operated through Klaytn. By applying the blockchain-powered incentive mechanism to its over 600,000 existing global users, LITER will offer fair rewards for reviews of the products and services.

‘GoodMorning’ is a marketing and data distribution platform that adds commercial value and creates trust index to various information and social networks owned by individual users.

A blockchain-based logistics service, ‘Dkargo’ has also released its plan to collaborate with Klaytn. By incorporating new mobility services beyond the existing freight transport, Dkargo seeks to create an efficient network and expand the entire logistics industry.

Other notable industry partners include ‘LOON,’ the blockchain-based healthcare service focused on women’s physiological health; ‘Monopoly,’ the platform that provides investment information for collectibles market including art, wine, and jewelry; ‘Spl.yt,’ the decentralized e-commerce protocol for global inventory and affiliate marketing system across marketplaces; and, ‘TUNE Token,’ the smart contract design service for the U.S.-based award winning music platform ‘Cre8tor.app,’ which rewards all stakeholders in the creation and distribution of music while providing a transparent royalty system.

“Klaytn is partnering with successful firms that have developed and operated services accruing millions of users, and the collaboration will contribute to building a user-friendly blockchain service,” said Jason Han, the CEO of Ground X, heading the development and operation of Klaytn. He added, “Together with service partners, Klaytn will take the blockchain industry to the next level by focusing on creating meaningful real use-cases, which stands as the next key challenge in our industry.”

 

SOURCE Klaytn

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