Retail Giant Walmart to Store Payment Information on Blockchain Technology

6528 Total Views

Blockchain Technology to be Used by Walmart to Store Payment Data

According to a newly published patent, filing from Retail Giant Walmart indicated a plan to store payments data using blockchain.

On Thursday, two application published by the U.S. Patent and Trademark Office (USPTO) both reference utilizing a blockchain powered platform to secure payment information, assuring that private data can’t be access by unapproved parties. The same Walmart team drafted both applications, which were submitted initially on 13th October of last year.

While neither filing explicitly references utilizing a permissioned blockchain (which enables specific parties to operate nodes), the system as depicted would adequately function as such. Both applications stipulate that clients must have the ability to see their payment histories – however, third parties must be restricted from this level of access.

As per the document, the first patent filing, which portrays a vendor payment system, suggests creating a network that’s capable of conducting a transaction on customer’s behalf automatically. The payment would be accepted by one or more vendors depending on what services are provided and gave these services.

The application added:

“In one aspect, provided is a vendor payment sharing system that could automatically process payment for a total amount of products and services related to receiving and delivering the products. Automatically dividing the payment among parties that provided services related to obtaining and delivering the products, and encrypt the payment and the division of the payment with a blockchain.”

The second application focuses on digital shopping systems and describes utilizing a blockchain to encrypt payment data similarly.

According to the filing notes, one part of “the vendor payment sharing system also includes an authentication system for valuable digitized items … In an exemplary composition, the authentication system utilizes one or more aspects of conventional blockchain systems.”

The twin application is the most recent intellectual property play from Walmart. According to a report, the company is seeking a patent for a “smart package” that would utilize blockchain as a way to encode information.

Past that, Walmart is likewise pursuing applications of blockchain for supply chain purposes, especially for tracking shipments of food.

Suzat Fernandes

Suzat Fernandes is an entrepreneur, with a variable experience in customer relationship management, inbound marketing, Learning Management Systems (LMS), eLearning content development and overall training strategies. She is an experienced and creative content writer and she takes content marketing initiatives to the next level. She is writing cryptocurrency and blockchain news, weekly blog posts, whitepapers, eBooks, datasheets, presentations, and more. She possesses experience in using compelling copy to educate the market on product offerings and industry information.