The number of cases of use of blockchain technology continues to increase. Walmart has seen a lot of potential in this particular concept. Unlike what the vast majority believe, the company seeks to use the distributed ledger to store payment information. With a company as big as Walmart, the future of blockchain technology is very promising.
It is not the first time that Walmart shows interest in the blockchain. Until now, the company had apparently never carried out any development in this regard. However, the two recently filed patents say otherwise.
Both patents seek the use of a blockchain-based infrastructure to secure payment data. Given the recent number of data breaches, decentralized solutions are more safe.
A genuine interest in blockchain
The objective of Walmart with blockchain is to keep private information completely private. This would indicate that a private and authorized ledger was used. Trusting a public block chain does not seem to be in the company’s plans at this stage.
Clients will be able to see their payment histories, which suggests a certain degree of transparency. However, limited access to this type of information will be granted to third parties.
One of the patents published mentions the following:
In one aspect, a system of shared payment of suppliers is provided, [which would automatically process] the payment for a total amount owed for the products and services related to obtaining and delivering the products. Automatically dividing the payment between the parties that rendered services related to obtaining and delivering the products; and encrypt the payment and the division of the payment with a blockchain.
Obviously, Walmart wants to move forward with technology research. These two systems are a great addition to your ongoing research of “intelligent packages”. This project will encode information in a chain of blocks, although the patent has not yet been granted.
There are many options to explore for retailers when it comes to blockchain. It remains to be seen if other giants present or not new patents in this regard.