Multiple companies have been starting to understand the power of the blockchain technology in the recent years, and many have begun to put it to use to benefit their business. The technology itself has hundreds of application and the decentralized system can be used in the real world in a large number of industries. Revolutionary applications like smart contracts on the Ethereum network, or decentralized payments with apps like BitPay and Litepay, are just a glimpse of what the blockchain technology can accomplish. Often considered to be “old age”, large retail corporations like Walmart or ROSS have not adopted significant innovations in the past years. However, this seems to be about to change as Walmart has applied for a patent for a tool that uses the Blockchain technology for shipping purposes.
On March 1st, the US Patent and Trademark Office made Walmart’s patent application public. The patented technology is called the “Smart Package” and the idea behind it is that it will be able to use a lot of different types of data to track packages on the blockchain. The location, user details, information about the package and its contents, recipient address will all be available. In addition, weather conditions will be recorded and analyzed to find the best way to ship the package.
Security is also very important to Walmart as they will ensure that information about the seller, the buyer, and the delivery company is encrypted and stored in private and secure keys. This allows for a good experience from order to delivery, in a secure and safe environment. Walmart has claimed in the patent filing that they wish to bring more security to the shipping of the package than to the security of the items themselves.
Now that a giant brick and mortar and online retailer like Walmart will use the blockchain technology for shipping purposes, we can safely assume that it won’t stay the only one for long. Could a company like Amazon benefit from the blockchain technology to manage and track packages?
TLDR: Walmart has officially applied for a patent to use the blockchain technology to develop a tool for smart shipping. The tool will be able to better track and ship packages.