Walmart Canada has launched a blockchain-based freight and payment network.
The retail monolith claims it is the world’s largest full production blockchain solution for any industrial application.
The new system, built in partnership with DLT Labs, uses distributed ledger technology to track deliveries, verify transactions, and automate payments among Walmart Canada’s 400 retail stores across Canada.
All Walmart Canada’s third-party carriers are scheduled to be live by February 1 2020. The solution is accessible using a web portal and a mobile application.
John Bayliss, senior vice-president of logistics and supply chain management at Walmart Canada, said: “Walmart Canada is dedicated to efficiency across our business, including most importantly in our supply chain and logistics management.
“Our carrier partners move over 500,000 loads of inventory nationally, which creates an extraordinary volume of transaction data. This new dynamic and interactive blockchain technology platform is creating complete transparency between Walmart Canada and all of our carrier partners.”
He added: “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.”
The network manages, integrates, and synchronises all the supply chain and logistics data in real time, aggregating the data between Walmart Canada and its fleet of third-party trucks on a shared ledger.
Loudon Owen, CEO of DLT Labs, added: “This proves the high value of blockchain and sets the stage to revolutionise supply chain management and logistics, due to its ability to enable secure information sharing, manage trust, and reduce waste in multi-partner operational processes.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.