USA retail behemoth Walmart files patent for blockchain technology
Walmart arguably the biggest retail chain in the world look to be adopting the Blockchain technology as a new patent filing reveals their ambition to accede the blockchain technology for perfecting a smarter package delivery tracking system.
It was further revealed on Thursday via an application released by the U.S. Patent and Trademark Office (USPTO) where Walmart went on to explain their ambitions of launching a “smart package” which would have a device where it would be able to record information on a blockchain related to the contents of the package, its location, its environmental conditions and a few more details regarding the project. They also gave a hint of what are their secondary intentions for the “smart package” as they went on to add, this technology has tremendous potential, talks have already started off a highly optimistic project wherein this smart package could be combined with other emerging technologies like “autonomous vehicles,” such as drones for futuristic projects.
A submission for the patent was first requested back in August 2017 and was based on one particular filing in which Walmart submitted for a blockchain-based drone package delivery tracking system.
Walmart illustrated in the filing that retailers face many shopping challenges while shipping out the products. The submission also emphasizes on a particular issue relating to perishable products, they stated that such products need diligent care and also require temperature control, thus demanding the need for further innovation.
Walmart stated in the application:
“These online customers often seek to purchase items that may require a controlled environment and demand greater security in the shipping packaging that the items are shipped in.”
The application also revealed how the blockchain technology would be encrypted into the device, and the technology will also include “key addresses along the chain of [the package’s] custody, including hashing with a seller private key address, a courier private key address and a buyer private key address.”
Along with their ambitions to implement Blockchain technology to its delivery drones, Walmart also stated that they will utilize this innovation in other areas of business as well.
In the previous year itself, Walmart made an announced and revealed that they would be tying up with Kroger, Nestle, and some other food industry companies in a partnership with IBM for implementing the blockchain in an attempt to improve food traceability. In December 2017 they proposed a similar deal in China with JD.com