May 22, 2018 09:01 UTC
Oct 1, 2018 at 08:19 UTC
Walmart Files Patent for Blockchain-Based Customer Marketplace
Walmart has started to foresee the future and one of their recent innovations is extremely appreciable. The commerce giant has moved on to file a patent for a customer convenient marketplace which shall record their product buys and enable them to sell these products at a later stage. According to Walmart, every product is not bought by an individual for lifetime use, hence, enabling them to re-sell it sometime later shall cut down raw material exploitation by quite a high percentage and also provide an option to buyers to opt for something at a reduced price.
The architecture of the proposed patent is described as “[it] records the buy details and provide great ease and access to products at the time of re-selling the products without the need for the seller to find out invoices or bills, thus saving time”. This sort of innovation facilitates the competition of non-traditional shopping methods and Walmart would be a step ahead of the other brick and mortar retailers in providing their customers with a great shopping experience.
Some time back, Walmart had also filed for another patent which was termed as “Smart Delivery”. This technology uses a blockchain network to keep records of deliverable goods and helps in assessing the environmental conditions, location and tracking status of the ordered product. Blockchain provides a greater accuracy in delivery management.
The food safety sector of Walmart was in no mood to lag behind. The vice president of Walmart’s Food Safety and Health notified that they will implement blockchain in their sector so as to minimise contamination of food. Walmart’s live food business shall use blockchain technology in order to improve overall transparency and also the management of food contamination.