Walmart files patents to use blockchain technology to store payments
Walmart, one of the world’s largest retailers, is jumping on the blockchain technology bandwagon, according to patents that were released by the U.S. Patent and Trademark Office (USPTO).
The retail giant filed two patents in 2017 with both referencing a blockchain-powered platform that will enable secure payment data which in the process means that private information can’t be access by non-authorized users.
Both patents specify that customers will be allowed to see their payment histories while third parties will not.
The first patent is for payment sharing system. In its application, the system is described as follows:
The system includes a customer computing device for accessing and receiving data produced by the system and a server located at a service provider, the server coupled to the customer computing device. The server may be programmed to receive from the customer computing device an acceptance indication of the products delivered from a courier service. The server is also programmed to automatically process payment for a total amount due for the products and services related to obtaining and delivering the products and to automatically divide the payment between parties that provided services related to obtaining and delivering the products. The system further may be programmed to encrypt the payment and the division of the payment with a blockchain.
The second patent relates to a digital shopping system which Walmart is calling “courier shopping system. It is described as follows:
The system includes a customer computing device for accessing and receiving data produced by the system and a server located at a service provider. The server is coupled to the customer computing device and programmed to operate a courier management system; operate a customer management system; operate a vendor payment sharing system; and operate a customer interface.
Walmart’s aim to use blockchain technology falls in line with many other industries who are finding ways to put blockchain technology to use, which has primarily been used for cryptocurrency in the past. More recently it’s been banking giant Santander, who launched a blockchain-based money service for international transfers.
Walmart is not the first major company to try and implement blockchain technology and it won’t be the last. With more industries discovering the benefits of blockchain technology, it won’t be long before the technology is used in worldwide across various industries.