There is absolutely no denying the fact that there are very few companies around the globe paying a close attention to blockchain application in business as much shopping Giant, Walmart.
In the past couple of months, the firm has filed several blockchain patents and are showing no signs of dropping off.
Maybe Blockchain Integration is No. 1 on Walmart’s Checklist
The latest patent filed by the company will use blockchain to support the resale of retail products among customers.
A public ledger would be used to record and track products sold to a customer in a Walmart store.
This would certify that the customer had actually been the first to purchase such as product, while a resale price is added to the stored information.
With the system featuring a digital marketplace, new buyers can easily get first-hand information on the product, including simple facts such as whether the item has been offered for resale at a previous date.
The patent application released by the US patent office provides more insight into this newly found application.
The ledger will keep “information regarding whether the enterprise allows particular items to be sold via their sales platform (for example, certain items may be prohibited by law in some relevant manner or the enterprise itself may simply decline to resell certain items), information regarding whether a current or a predicted demand exists for particular items in used condition, and estimates regarding wholesale and/or retail remaining value for specific items.”
With the exception of serving as a digital receipt for product resale after purchase from Walmart, this peculiar blockchain application would guarantee a transparent and efficient retail process for customers.
In another patent submitted by the retail giants, the company also revealed plans to adopt a ‘smart exchange’ blockchain technology in shipping.
A perfect blend of Walmart’s separate blockchain adoption strategies will invariably contribute to unprecedented growth in revenues over the coming years.
Leading the Pack
Remaining competitive in the global market by providing secure and hitch free transaction is already a strong branding strategy for Walmart and one they will look to strengthen by leading the global race for blockchain application in the retail industry.