Walmart Canada To Roll Out World’s Largest Blockchain For An Industrial Application
Walmart Canada and blockchain company DLT Labs collaborated to develop the retail giant’s automated freight tracking and payments system.
The new blockchain-based logistics system will use distributed ledger technology. It will track deliveries, verify transactions, and automate payments and reconciliation for the vast logistics of Walmart Canada.
Walmart Canada networks with 70 third party trucking companies, 4500 associates, and drivers. It manages over 500,000 loads of inventory moving coast to coast across Canada. Moreover, the retailer operates 8.75 million square feet of distribution center and moves more than 853 million cases of merchandise annually.
Therefore, automating this data collection and management via the blockchain will generate significant cost savings. Further, the network can be integrated with the concerned business or operator’s legacy system. This obviates the need for new investment or retraining.
Logistics via blockchain: Transparency and efficiency
“Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings, and other benefits among our supply chain,” said John Bayliss, Walmart. It will reduce Walmart’s environmental footprint and continue its leadership in environmental sustainability.
Moreover, the interactive blockchain technology platform provides full transparency between Walmart Canada and its carriers.
“This project is a new paradigm that will greatly improve workflows, reduce paperwork, and make the business we do with Walmart more efficient,” said Bison Transport, the carrier participating in the project pilot.
“This proves the high value of blockchain and sets the stage to revolutionize supply chain management and logistics,” said DLT Labs. Additionally, it enables secure information sharing, manages trust and reduces waste in multi-partner operational processes.
Across the pond: Foodgates
Meanwhile, VeChain announced last week an initiative to enable food tracking via a cross-continental blockchain logistics solution. Powered by the VeChain Thor public blockchain, in partnership with DNV GL, FoodGates will track through a supply chain journey. It will cover the full life cycle of beef production, from cow selection, to slaughter, to packing, shipping, and eventually to the restaurant.
Latest Alternative Investment News
Canadian fund managers Horizons ETFs and Evolve Funds have launched the Horizons Global Metaverse Index ETF (“MTAV”) and the Evolve Metaverse ETF (“MESH”) respectively, on the Toronto Stock Exchange.
Grayscale Investments announced Tuesday the launch of the Grayscale Solana Trust to provide investors with exposure to Solana (SOL), the native token of the Solana network, a smart contract platform…
Madrid-based temp staffing marketplace Jobandtalent announced the closure of its Series E raise of $500 million at a valuation of $2.35 billion from Kinnevik and SoftBank Vision Fund 2. Existing…
PayPal (NASDAQ: PYPL) enjoyed solid volumes for its buy-now-pay-later (BNPL) offering on Black Friday, continuing a trend the giant payments fintech observed all through November. In that month, for the…