One of America’s retail giants may be preparing itself for widespread acceptance of blockchain development. Walmart has been granted a patent for a framework that is based on a blockchain. The patent filing, made in February of 2017 but only approved this month, makes it clear that the retailer is considering the technology for the development of a digital marketplace.
This is not the first patent filed by Walmart to make blockchain news. The company previously patented a system for using the blockchain to manage the operation of delivery vans. Clearly, Walmart is investing time and money in blockchain training that will move the company beyond the limitations of physical locations.
There is a general feeling in the retail industry that companies must embrace new technologies or risk losing customers to digital sellers. Bitcoin and other cryptocurrencies which are powered by blockchain environments continue to realize mainstream acceptance. Many online businesses are now accepting digital tokens as a method of payment.
Walmart has not specifically stated that it plans to embrace cryptocurrency as a method of payment in the future. The company seems to be leaning toward the use of the blockchain for logistics at this time.
According to the patent filing, the company hopes that its blockchain framework will lead to an improved customer experience.
This is good news for those who are actively involved in blockchain investing. Walmart’s reputation in the industry signals that the attitude among retailers toward blockchain technology continues to thaw. Retailers may have reached a tipping point where they can no longer put off plans to adopt the technology. To do so may mean falling behind more progressive sellers.
Walmart has been filing blockchain patents for a number of years, but thus far the company has not implemented their proposed environment on a large scale. The most recent filing indicates that this could be about to change.