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Walmart Uses Blockchain Technology For Storing Payment Data

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April 23, 2018 | 

807 Views | 

Joanna Newman | 

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Retail giant Walmart is looking to adopt Blockchain technology to store payment data. Indeed, the US multinational company has recently published two patent applications referring to the use of a platform powered by this technology for both digital purchases and the payment of suppliers.

Applications that apparently have already been filed in October 2017 and were written by the same team at the firm. Walmart intends to give customers the ability to access their own payment history from a few applications. All this by filtering third parties who also wish to access it.

Improve data security

According to the first patent application, the Walmart team intends to offer a supplier payment system that will automatically process the payment of the total amount for the products. It would be the same for the payment of all services related to the delivery and the obtaining of the products.
And apparently this system would be mainly based on Blockchain technology. Moreover, the two applications that were published by the US Patent and Trademark Office (USPTO) all use a Blockchain platform. This initiative would therefore improve the security of payment data and ensure the confidentiality of information.
The main objective would be to only provide access to the data to authorized persons. Especially, that third parties are very interested in this type of information. Apart from that, the Walmart team also plans to use this technology to encode payment data.

Satisfy customers as much as possible

The adoption of a new technology shows that Walmart is working hard to better serve its customers. Indeed, at the beginning of March 2018, the USPTO has already published an application of the firm, the "Smart Package", also referring to the use of the Blockchain.
An application that would optimally track the purchased products by controlling the contents of the package, the environmental conditions of storage and transport as well as several other details. Indeed, according to Walmart, customers buy online for several reasons such as time savings, shopping convenience and package security.
The company added that currently shipping packaging does not yet provide such functionality since existing tracking tools do not allow this. Hence the need to design an effective way to provide greater security for items shipped.

An application specifically dedicated to digital purchases

The second application in Walmart's patent application focuses largely on digital purchasing systems. This application describes the use of Blockchain technology as one of the best solutions to encrypt payment information.
Similar to the application dedicated to the payment of suppliers, the latter would therefore present the same authentication system for valid digitized elements. Note that this type of system tends to use one or more aspects of conventional string systems to function normally.

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