Home Finance News Retail Giant Walmart Plan to Use Blockchain System for Delivery

Retail Giant Walmart Plan to Use Blockchain System for Delivery


Latest published patent filings from Walmart, one of the leading and perhaps the biggest retail store hint as they are planning to store payment information utilizing blockchain system.

The twin apps, published by the United States Patent and Trademark Office or UPSTO for short, on Thursday, both reference utilizing a blockchain powered policy to keep the payment data safe and sound, making sure personal information cannot be stole by unauthorized individuals. The team of Walmart drafted both applications that were firstly submitted last October 13, 2017.

Despite the fact that neither filing openly references utilizing an officially permitted of certified blockchain that just allows specific parties or individual to run nodes, the technology would efficiently work as such. Two applications specify which clients and shoppers should be capable of seeing the payment backgrounds. On the other hand, the 3rd parties have to be limited from this level of access.

The initial patent filing that explains a seller payment technology, proposes making a network that is capable of instantly conducting the transaction on behalf of the customers or shoppers. The payments will be obtained through one or many sellers/vendors on what product and services are offered and who offered these products or services, in accordance to the document.

The claim continues:

In one facet, provided is a vendor payment sharing system, [which would] automatically process payment for a total amount due for the products and services related to obtaining and delivering the products; automatically dividing the payment between parties that provided services related to obtaining and delivering the products; and encrypt the payment and the division of the payment with a blockchain system. “

The 2nd application gives emphasis on virtual shopping system and depicts utilizing a blockchain system to encrypt payment data in the same way.

As the filing remarks, one portion of “the seller payment sharing technology also takes account of an authentication scheme for precious and priceless digitized products…” In a very good picture, the authentication scheme makes use of one or many factors of usual blockchain technologies.

The two applications indeed are the newest intellectual property play from retail giant store Walmart.

Like what CoinDesk reported in the past, the business is searching for an exclusive right for a “well turned-out package” which would utilize blockchain as an avenue to encode payment information.

According to Walmart, “These online customers many times seek to purchase items that may require a controlled environment and further seek to have greater security in the shipping packaging that the items are shipped in.”

The application tells that the component of blockchain will be encoded into the machine, and will have “main or important addresses together the chain of [the deliver’s] custody, which include hashing with a vendor private address, courier private address as well as buyer private address.”

Further than that, this retail giant store in the world is also chasing apps of blockchain for supply chain purpose, most essentially for monitoring deliveries for food and other kinds of services.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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