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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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Bitcoin [BTC]: Fidelity has a ‘room full of ASIC miners’ at its Texas office, claims Justin Moon

Yash Rajan



Bitcoin [BTC]: Fidelity has a 'room full of ASIC miners' at its Texas office, claims Justin Moon
Source: Pixabay

Bitcoin [BTC] had become the center of discussion in the crypto-verse after its meteoric rise recently. BTC is considered to be the digital gold with huge growth potential. As the interminable discussions continued for a long time, individuals associated with this discourse exhibited legitimate reasons both ‘for’ and ‘against’ the validity and acknowledgment of digital forms of money.

Enthusiasts around the globe believed that the big names of the market and hotshots in the corporate space were complacent about BTC. As Bitcoin is increasingly gaining recognition on a daily basis, Fidelity has emerged as the newest member to validate and diffuse BTC in its business operations.

Fidelity Investments, the multinational financial services corporation based in Boston, USA, offered services encircling investing, brokerage and retirement plans.

According to Bitcoin developer Justin Moon, Fidelity Investments has been interested in Bitcoin for a long time. He tweeted,

“Fidelity has a room full of Bitcoin Miners [ASICs] at their Texas office.”

This tweet, from a broader perspective, pointed at the interest of big wagons in the market in BTC mining. Apart from this, it also showed that they were actively participating in public blockchains.

This is not the first instance where Fidelity has openly accepted its interest in cryptocurrencies. Ari Paul, founder and chief investment officer of BlockTower Capital, had tweeted earlier this year,

A majority of Fidelity’s clients seems to believe that digital assets are the next big thing in the economy and the debate has been going on for a while. However, Fidelity’s statement rested the speculations of BTC being adopted by big league members. In other adoption news, three days ago, AT&T announced that it would start accepting payments in Bitcoin for its services.

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