The Waltonchain ecosystem combines blockchain and RFID technologies to significantly streamline the management of supply chains. It has been named after Charlie Walton, who was the inventor of RFID technology. RFID stands for radio-frequency-identification, and is already in widespread utilization in a variety of different applications. This includes freeway billings, credit card payments, and mobile payments, to name but a few. This ecosystem’s most pertinent core chain has being labeled the ‘Waltonchain.’ While the token utilized for its circulation and payment is known as the Waltoncoin.
Why Is Waltonchain Needed?
Like it has been previously stated, this ecosystem’s main mission is to combine blockchain and RFID technologies to streamline supply chain management. In essence, it can assist in the decentralization of supply chains in a number of ways. First of all, it can offer the histories of products. Secondly, it can offer a decentralized network to store and access this given information. RFID is a diminutive tag, which can be affixed to items. In contrast to barcodes, these kinds of tags don’t need ‘line-of-sight’ to be effectively read by scanners.
RFID is now preferred over barcode as it can make it very easy for machines to read them. For instance, RFID tags may help in the efficient management of warehouses. Waltonchain leverages the ‘internet-of-things’ concept that connects physical things to the internet. Its developers wish to bring forward a new concept they refer to as ‘value-internet-things’ which integrates blockchain technology. RFID tag and reader chips are utilized in this concept. The first are devices that can be attached to the chain, while the second happen to be nodes on the chain.
What Are The Benefits Of Waltonchain?
A practical real-world application of this unique ecosystem put forward in its whitepaper is in the clothing manufacturing business. As such, an RFID is created for every product and data concerning it is then stored on the blockchain. This particular data can also be easily brought up to date during warehousing as well as transportation. Lastly, Waltonchain can be utilized to keep track of the products in the store, while at the same time keeping track of clients’ details and their distinctive preferences. In turn, all this can greatly streamline manufacturing processes and minimize costs. Also, it can be invaluable in the creation of convenient access to the decentralized hub.
Like it was earlier noted, the token utilized for the circulation and payment in the Waltonchain ecosystem is the Waltoncoin. It was developed on the Genesis block, and the total number of coins this digital currency possesses is 100 million. Some of its most prominent functions are the issuance of sub-chains, credit and mortgages applications, decentralized exchange, and distributed asset exchange. At the moment, this digital currency is only made available on the Binance cryptocurrency exchange market.
Are There Any Risks?
One of the disadvantages of the internet of things model is interactions on the ecosystem can happen only between verified and pre-approved parties. This definitely implies Waltonchain is not a totally open system.
As you can see, Waltonchain is certainly a godsend when it comes to the efficient streamlining of supply chains management, minimizing costs, and the creation of decentralized hubs. All that remains is to see just how many manufacturers and product makers will adopt this new technology.