Walmart Plans to Use Blockchain to Track Products Sell to Customers

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Walmart announced it plans to use the blockchain to track products sell to customers, according to a new patent application, reported Coindesk on May 21.

The patent application, released on May 17 by the U.S. Patent and Trademark Office, explains a blockchain-based system that would be used to track retail items resales. The system would use a distributed delivery tracking.

It is another patent application filed by Walmart outlining an example of an intellectual property, as the retail giant already announced it will use blockchain to track food products.

The system powered by the blockchain technology would act as a digital marketplace where clients will be able to register the product once it will be bought for the first time and the customer would then have the possibility to choose a price for a resale.

The retail giant’s most recent application describes how a “distributed delivery record blockchain” would be updated within the supply chain.

Walmart stated,

“By one approach, the transfer from the seller to the courier may require signatures from both the sender and the courier using their respective private keys. The new transaction may be broadcasted and verified by the sender, the courier, the buyer, and/or other nodes on the system before being added to the distributed delivery record blockchain. When the package is transferred from the courier to the buyer, the courier may use the courier’s private key to authorize the transfer of the digital asset representing the physical asset from the courier to the buyer and update the delivery record with the new transaction.”

 

 

 

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