Like
other major retailers, Walmart has been browsing blockchain for a while. As a
matter of fact, the Walmart recently filed for a patent for what it refers to
as the “Smart Package” plan that would depend on the “blockchain magic” to make
an improvement in operations.
According
to Fintech Finance, this system is made
to keep track of things such as environmental conditions, location, package
contents, and additional details. It’d work with a unique tool which would be utilized
in new technologies like unmanned drones and autonomous cars.
In
this type of setup, blockchain could store “key addresses along the chain,” which
include “a buyer, courier, and seller private key address.”
The
filing adds that the retail giant will make a device to benefit from “increased
security in the shipping packaging all items are shipped in.” However, it adds
that current tracking devices don’t yet offer ‘this type of desired function.’
Working with IBM
Besides
their “Smart Package” system, the retailer also is cooperating with IBM upon a
blockchain project which would remove and identify recalled food sources from their
product list.
Walmart’s
existing system will require days to discover and search the origin of the
product. It includes alerting the IT department at Walmart to get to the core
of the issue, including the assessment of numerous servers and databases to discover
the time of shipment, vendor, origin, and other information.
With
a blockchain-based system – the retailer and its partners could have the
ability to more easily identify and verify all details on all products on the
ledger. Most importantly, this type of system could be more secure using
blockchain technology that protects the underlying information.
IBM,
a company well vested in decentralized computing, stands to also gain a lot
from this deal. With the retailer signing-up to utilize its technology, the IBM
received its biggest blockchain client, ever.
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