Walmart Considers Blockchain Implementation
Companies all over the United States have considered the use of blockchain technology to a variety of ends. Distributed Ledger Technology has been incredibly useful in the financial technology industry, allowing companies to more effectively conduct transactions on the super-fast and decentralized network. But it isn’t just fintech which has been the beneficiary of increasingly sophisticated blockchain-based technologies in the 21st century.
The concept of the use of the blockchain for IoT, or Internet of Things, management of automatized items has long been a dream of the technological sector. Success in connecting a variety of systems together in a way that does not require the intervention of third, human parties would help to make the entire system faster, more reliable, and infinitely more secure from outside interference. The benefits of the blockchain on the traditional fintech sector are experienced even more using the Internet of Things.
WalMart has begun to explore the possibility of using blockchain technologies within their own systems. The multi-billion dollar company already has a stranglehold on the distribution of many household and grocery goods, checking the box on outrageous profits every year. Though the company may represent the epitome of everything the original creators of the blockchain technology sought to fight against, the company’s embrace of the tech for their own profit could be the boost blockchain needs to become even more public than ever before.
The Internet of Things
The patent filed by WalMart’s company over the use of specific blockchain systems states that it wants to support the use of an IoT ecosystem. Specifically, the document outlines that the server would include several systems that use server-side apps in order to provide client-side service in several resources within the overall system.
At its core, the WalMart invention seeks to merge several resources within the overall ecosystem together to provide a variety of client-side services to customers of their stores. One potential application of this system will likely have to do with the package verification system for the new drone delivery service which might be implemented by the large corporation.
One obvious use outlined within the patent is for the new drone package verification and delivery service being rolled out by WalMart. The patent states that consumers will be able to hold a wearable device which will give them constant access to a locked kiosk where they will be able to access packages which are delivered by the new drone technology being used by the company.
Additionally, the company has commented within the document that it might use the new technology to forge smart home systems. The smart home system has likely been in the works for a while, and this new patent application outlines that the home, media, and environmental monitoring systems could be innovated by the use of this new IoT blockchain technology.
Data encryption is the last and most obvious use of the technology. The blockchain tech will be used to store public and private keys in order to store information safely and securely for the company.
Here are some of the other Patents that Walmart has filed in the past few months: