Walmart Canada, DLT Labs Put Mission-Critical Freight and Payments On Blockchain In Real-Time
- The blockchain technology will allow users to trace deliveries, handle payments, and more.
- SVP of logistics, John Bayliss, stated that blockchain helps the company to reduce their impact on the environment.
Blockchain technology is easily one of the biggest innovations to arise in the last decade, especially considering the censorship-resistant and transparent ledger that it offers inside and outside of cryptocurrency. Supply chain management has benefited in multiple areas around the world, and a press release by Walmart Canada shows that the retail giant has rolled out their own blockchain-based network.
Today we announce our launch of the first industrial use of #enterprise #blockchain – a mission-critical freight and payment network designed and built with @WalmartCanada for their carriers of more than 500,000 deliveries of inventory across Canada.https://t.co/aDWhDImNyx
— DLT Labs (@DLTLabs) November 14, 2019
The network will be used in their payment management and freight tracking, hoping to improve processing. Users will be able to trace deliveries, while still verifying and handling payments, as well as reconciliation.
The press release adds that the network is set up in such a way that it can be used with the legacy system already in place. In doing so, it also,
“manages, integrates and synchronizes 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.”
The senior vice president of logistics and supply chain at Walmart Canada, John Bayliss, recently drew attention to how efficient that blockchain technology can be with so much inventory to maintain. Bayliss remarked,
“This new dynamic and interactive blockchain technology platform is creating complete transparency between Walmart Canada and all of our carrier partners. Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain.”
He also pointed out blockchain offers the company a way to reduce the impact that they make on the environment, supporting their “environmental sustainability” work. Walmart has consistently been proactive in their efforts to implement this fintech for the internal protocols they have, and they even announced the goal of using blockchain tech for the tracking of shrimp from India to their Sam’s Club stores in the US.
Walmart submitted an application for a patent on a blockchain-based drone communication system in August. The system, connecting vehicles to one another, would send messages, blend the networks for communication, and show the location and bearing of various machines.
Even with this progress, there are some entities that see major hurdles ahead of companies like Walmart and Nestle that are taking on blockchain systems, but it has nothing to do with the technology. Instead, it is the “illusion of traceability,” as Craig Heraghty states. Heraghty, an agribusiness leader at PwC, states that physical points of entry aren’t guaranteed to be foolproof, even if the data on the record cannot be changed.