Walmart has submitted a patent application for a drone communication system based on blockchain technology.
Abstract as follows: “A method of drone-drone communications using blockchain includes: determining operational parameters of a first drone; encrypting the operational parameters of the first drone; storing the encrypted operational parameters of the first drone in a block of a blockchain; determining when a second drone is in proximity of the first drone; retrieving the encrypted operational parameters of the first drone from the block of the blockchain; decrypting the encrypted operational parameters of the first drone; retrieving the operational parameters of the first drone based on the decryption; and configuring the second drone with the operational parameters of the first drone.”
Further details here.
Earlier this month, we reported that Walmart was looking into its own US dollar-backed digital currency, along the same lines of Facebook’s much hyped Libra project.
A patent application outlines a method for “generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a block of a blockchain; buying or paying the one digital currency unit”.
The stablecoin could benefit those with limited access to banking services, one of Libra’s big selling points. “Using a digital currency, low-income households that find banking expensive, may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs,” Walmart states.
Users’ purchasing histories could be stored on the blockchain, with related savings applied to subsequent purchases in a similar way to loyalty programmes. Other features include the ability to remove the need for credit cards, and acting as a “pre-approved biometric (e.g., fingerprint or eye pattern) credit…A person is the ‘credit card’ to their own digital value bank”.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.