Walmart, the famous US retail corporation, has recently announced that it had developed a blockchain technology solution to be used on the company. According to Frank Yiannas, Walmart’s VP of Food Safety and Health, by using the blockchain, the company will be able to track its products faster.
The announcement was made at the MIT Technology Review conference in Cambridge. It was stated that the use of this technology could shorten the time needed to track produce from six days to less than two seconds. This way, it would be easier to manage the food and reduce wastes and contamination.
Blockchain Technology Could Improve Transparency and Security in Walmart Business
It was also stated by the VP that the use of blockchain could have an effect in the transparency of the company, something that is increasingly important in today’s market. This project was created in collaboration with IBM.
By using the blockchain, the company can verify information easily and be protected from hacker attacks as the data is not centralized in a single place.
Walmart’s Smart Package System
This system will be called “Smart Package”. It was patented in March and its function is to help in the logistics of Walmart’s products. It can track package contents, location, environmental conditions, among other things. This new technology can also be used with technologies like autonomous vehicles and unmanned drones.
Not only Walmart is using blockchain. JD.com, a Chinese e-commerce company, has also implemented blockchain solutions recently and it does not look that this new trend will stop with Walmart.