Walmart Canada teams up with a blockchain firm to launch a logistics and payment system

In an ever-growing world of innovation, businesses have no choice but to ensure optimized products and services; otherwise they risk falling behind.

The IoT has grown significantly since its introduction to the mainstream, making it easier and better to connect than ever. The more people rushed to the internet, the more incentive companies had to expand, but they saw themselves largely limited by currency and cross-border transfers. There was a clear demand and supply ready, but no way to barter. Blockchain technology would soon show itself as a solution to this problem, and many more to come. Blockchain became widely popular thanks to Bitcoin, the currency responsible for the financial and cryptocurrency revolution, as it offered a safer, faster and more transparent way of transferring funds. However, the technology has potential beyond cryptocurrency, as the digital ledger architecture of blockchain allows for it to store, transfer, encrypt and publish any information. The benefits of blockchain have attracted many industry leaders over the last decade, such as Facebook and Coca Cola, and continues to advance many more businesses as adoption is being propelled. Another notable name joining the revolution is retail giant Walmart.

Backed by blockchain technology

This isn't Walmart's first attempt to optimize its corporation through the implementation of blockchain as it strives for its customers' safety and satisfaction.

Walmart stores originally began trialing blockchain technology with IBM to enable their shoppers with additional information and security when purchasing. IBM helps Walmart with its supply chain, allowing the retail giant to track products, speed up deliveries and trace infections back to their source quicker. Walmart stores in the US started tracing mangoes, while China suppliers were working on pork and India kept track of shrimp imports. Walmart eventually started adding more categories to its tracking lists, as more plans for blockchain brewed in the background. This is what then-vice president of food safety for Walmart, Frank Yiannas, had to say about the initial partnership with IBM:

"Our customers deserve a more transparent supply chain. We felt the one-step-up and one-step-back model of food traceability was outdated for the 21st century. This is a smart, technology-supported move that will greatly benefit our customers and transform the food system, benefitting all stakeholders."

What's next for Walmart stores?

As seen above, Walmart stores are very interested and enthusiastic about blockchain technology, but Walmart isn't stopping there. Walmart stores in Canada will now be partnering with blockchain firm DLT Labs to launch a logistics and payment system. The system hopes to speed up and optimize the delivery protocol, among other things, as well as offer international and instant payments backed by blockchain technology. Walmart stores hope to advance data capture integrity, speed up transaction times, eliminate disputes and reduce costs. Their goals can be better understood by John Bayliss' statement, senior vice president of logistics and supply chain at Walmart Canada, which is quoted below:

"This new dynamic and interactive blockchain technology platform is creating complete transparency between Walmart Canada and all of our carrier partners. Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain. Moreover, this degree of improved efficiency represents a powerful platform for us to continue to reduce our environmental footprint and continue our leadership in environmental sustainability."

Who knows, maybe they'll even be using their patented blockchain-operated delivery drones in cooperation with the delivery system soon. Walmart is very bullish on blockchain and we're excited to see how it will apply the technology.

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