Major companies are paying attention to blockchain technology. A lot of exciting developments will take place in this industry moving forward. Walmart, for example, is looking to patent a marketplace system for reselling purchased items. The record of customer purchases will be embedded on a blockchain, which opens up a lot of new opportunities.
Walmart has been quite keen on blockchain technology. The company is looking for new ways to incorporate innovative technology. Making the most of blockchain technology is one of the company’s main priorities right now. As such, the company has filed a patent for a very peculiar blockchain system. Unlike what one might expect, it is all about recording sold items for reselling purposes.
Another Blockchain Venture for Walmart
More specifically, users would be able to record their purchases on a blockchain. This allows them to use this record as a receipt to resell the product in the future. Since consumers often don’t utilize products they order this solution has a lot of merit. Moreover, some items are used a handful of times and then discarded. Making the reselling process more efficient and transparent can benefit a lot of consumers in this regard.
With thispatent, Walmart is embarking on an intriguing venture. The project also encompasses a marketplace dedicated to reselling the items recorded on a distributed ledger. While only applicable to items purchased at Walmart, it sets an interesting precedent regardless. Further specifics regarding this project remain difficult to come by at this point in time.
Remaining competitive in this industry is not as easy feat. Walmart attempts to remain ahead of the pack by incorporating blockchain technology. It is not the first or only blockchain venture for this company either. They are also working on a delivery mechanism using distributed ledgers to track packages and environmental conditions. Slowly but surely, this technology is making major inroads in quick succession.
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