Walmart Wants to Launch a Blockchain-Based Payment System
The giant Walmart plans to adopt blockchain technology for storing payment data, according to the patents published by the U.S. Patent Trademark Office.
The documents, published by USPTO on Thursday, 19th April 2018, refer to the new projects and technology the retail giant wants to adopt. These aim to implement a blockchain-based platform in order to bring the storage system to a different level. Thus, the company wants the access to internal information to be available only for authorized parties. The patents were filled on 13th October 2017.
According to the patents, there is no specified about the blockchain type to be used, however, as described, the system will follow the standard operations. The documents clearly state that only buyers will be able to manage the information about their past payments.
VENDOR PAYMENT SHARING SYSTEM
The first patent, entitled “VENDOR PAYMENT SHARING SYSTEM“, describes a system dedicated to vendors that will allow the network to automatically manage transactions in place of the client. Later, vendors will receive notifications of their transactions.
“In one aspect, 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,” continues the application.
COURIER SHOPPING SYSTEM
The second patent, entitled “COURIER SHOPPING SYSTEM”, refers to the creation of a digital system based on blockchain technology that will secure the information about the transactions made.
“The vendor payment sharing system also includes an authentication system for valuable digitized items … In an exemplary embodiment, the authentication system utilizes one or more aspects of conventional [blockchain systems],” according to the patent.
These are the latest and probably, the most “intelligent” ideas proposed by the giant Walmart. Additionally, to these applications, the company plans to add a “smart package” system that aims to encrypt information on a blockchain network and to create a blockchain-based app that will help to improve the supply chain operations.