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American Retail Giant, Walmart opts Blockchain Technology for its payment system




American Retail Giant, Walmart opts Blockchain Technology for its payment system
Source: Flickr

The supergiants in the retail market Walmart may be looking forward to adopting blockchain based payment system. The retailer drafted two patent application that forms the platform powered by blockchain technology for vendors and digital shopping. The company wants access to its internal information to be available only to authorized parties. Patents were filed on 13th October 2017.

Patent by Walmart

Both the patents were published on Thursday by the U.S. Patent and Trademark Office (USPTO). Vendor payment sharing system is one of the patents, wherein, the references given to the vendor payment system would automatically process the total amount due for the product and the services related to procurement and delivery of the product.

Beyond this Walmart aims to introduce a digital shopping platform which would use blockchain technology to encrypt the payment data as well.

Courier shipping payment is the next patent which helps in securing the transaction details with the help of modern blockchain technology.

The firm has also decided to implement blockchain technology in their shipping solutions for product tracking and to gather all the shipping details.

Reports say that Walmart may establish blockchain platform to track the packages [smart packages] which require a controlled environment and high-security shipping packaging process.

According to SupplyBloc:

“In a study done by Walmart, tracing the origin of a bag of sliced mangoes took only 2 seconds using blockchain technology! The same exercise took 6 days, 18 hours with Walmart’s other system.”

Joe Andrew, a Twitterati says:

“Wow.. A smart move by Walmart. The world is finally accepting the advanced technologies.”

Matt Jones, a Walmart customer says:

“Thank you Walmart for making life easier for us”

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Hi I am Swetha an intern in AMBCrypto and I am pursuing my Masters in Economics from Mount Carmel . My contribution in writing started recently and the first step has been a wonderful experience. The popularity and the dexterity of cryptocurrency to boost an economy has engrossed me in understanding it's mechanism.

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