According to a press release on November 14, Wal-Mart Canada launched an automated network of block tracking and payment management based on blockchain.
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The new system was developed in collaboration with the blockchain company DLT Lab to improve shipping and payment processing, helping users to automatically track delivery, verify transactions, and process payment and reconciliation services.
Integrate existing systems
According to the press release, the network can integrate with the company's existing systems and “manage, integrate and synchronize all supply chain and logistics data in real time, bringing together data between Wal-Mart Canada and third-party truck shipments into a shared ledger.”
John Baylis, senior vice president of logistics and supply chain at Wal-Mart Canada, points out that blockchain technology is very efficient at handling large inventories:
The new interactive blockchain technology platform brings complete transparency to Wal-Mart Canada and all of our carrier partners. Our intelligent transportation network relies on the blockchain to achieve substantial progress, not only speeding up payment, saving a lot of money, but also improving our supply chain. In addition, increased efficiency has helped us continue to reduce our environmental footprint and continue to play a leading role in environmental sustainability.
Questioning the true role of blockchain in the retail industry
Wal-Mart actively uses blockchain to optimize internal processes. Recently, the company announced that it will use blockchain technology to track shrimp from India to select the location of Sam's Club in the United States.
In August of this year, Wal-Mart submitted a patent application for a UAV communication system based on blockchain technology. The vehicle-to-vehicle communication system between the drones will pass information, match the communication network, and allow the machine to know each other's position and orientation.
However, some claim that the biggest obstacle to the blockchain system used by food retailers such as Wal-Mart and Nestle has nothing to do with the technology itself. Craig Herati, head of PwC's agribusiness, believes that the traceability of blockchain to supermarket chains and consumers is just an “illusion” because although the data record itself may not be tampered with, The physical entrance is not foolproof.