Walmart Canada To Roll Out World’s Largest Blockchain For An Industrial Application

November 18, 2019 | Digital Assets, Latest News, News
https://dailyalts.com/wp-content/uploads/2019/11/blockchain-3019121_1920-walmart-canada.png

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.

[Related Story: Ant Financial to Develop Blockchain Based Agro-Monitoring Product With Bayer  ]

 

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/08/Blackstone.jpg
Blackstone Acquires Largest Consumer DNA Database
August 7, 2020     Alternative Investments, Private Equity

Private Equity Meets Both Privacy Concerns and Major Growth in Next-Generation Industry.  The PE space is buzzing over private equity giant Blackstone’s acquisition of DNA testing company Ancestry.  The firm…

https://dailyalts.com/wp-content/uploads/2020/08/Ares.jpg
Private Equity: Ares Raises $5 Billion En Route To $30 Billion 2020 Haul

Ares Leapfrogs Competitors Through Pandemic.  Investment firm giant Ares has raised $5 billion for its private equity fund in the second quarter.  The firm’s goal is to raise up to…

https://dailyalts.com/wp-content/uploads/2020/08/row-houses-384596_640.jpg
Alternative Investments/Real Estate: HOMZ ETF Issuer To Ring NYSE Closing Bell To Mark Fee Cut
August 6, 2020     Alternative Investments, News, Real Estate

The Hoya Capital Housing ETF (NYSE: HOMZ) announced Wednesday a cut in its expense ratio from 0.45% to 0.30%, effective from August 1, 2020. It claimed that it has the…

https://dailyalts.com/wp-content/uploads/2020/08/Hero-image-2.jpg
FinTech: Grab Financial Flags Off A Bouquet of New Services
August 6, 2020     FinTech, News

Grab Financial Group Expands Suite of Products Under ‘Thrive with Grab’ Strategy