Mega Retailer Walmart Moves Further Into Blockchain Development Space

Walmart is one of the biggest retailers in the world. With operations on many continents, their logistical chain is a perfect space for blockchain-based record keeping. The global retailer announced last week that they had just filed a patent for a new blockchain platform, and its function is unique.

The idea centers around the fact that many of Walmart’s products are later resold by their buyers, and there is no simple platform for consumer re-sellers to vend the goods that were purchased at Walmart.

According to Walmart, the new platform could operate in many different ways. Customers could access it via a mobile device or right at a Point of Sale (POS) terminal, presumably at a Walmart.

Walmart cites the ongoing shift away from traditional retailers in their patent application, saying that “non-traditional shopping mechanisms” create an incentive to innovate, though whether or not this kind of platform will take a bite out of Amazon or Ebay’s market is anyone’s guess.

Another area where other giant retailers like Alibaba are using blockchain is to ensure that the products they sell are both safe and authentic. Alibaba has to deal with a massive amount of counterfeiting, and blockchain-based supply chain management helps them ensure products like Australian beef are actually authentic.

The US food supply has dealt with numerous cases of poisoning over the last decade. As food production becomes more concentrated, blockchain-based record keeping could help massive companies execute a recall with increased speed. Saved lives would be the likely result, which is an easy sell to anyone.

While Walmart is entering the blockchain development space slowly, China’s Alibaba holds more blockchain patents than any other company in the world. What might be surprising is that until earlier this year, they were all created for their financial subsidiary, Ant Financial.

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