Walmart, the largest retail store in North America is utilizing blockchain technology in different areas of its business. As they had patented the smarter package delivery tracking system using the blockchain technology in August 2017, now they are expanding and applying the same tech to store payments and transactions data for more security & transparency.
Walmart has published and filed the patent for two applications to the On April 19th, 2018 to use blockchain technology to secure payment data, and that new platform will ensure that private financial data can’t be access by unauthorized parties.
In the first part of the patent application, Walmart proposed a vendor payments system that will create a network using permissioned (restricted access) blockchain technology to automatically conduct the transaction on customer’s behalf, and only customer can or must be able to see the transaction details and their payment history, and any third party must be restricted from this level of access. In case of multiple vendors, payments would be received according to the documents depending upon the services provided by the vendors.
Part of the patent application says:
In one aspect, provided is a vendor payment sharing system, [which would] automatically process payment for a total amount due for the products and services related to obtaining and delivering the products; automatically dividing the payment between 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 for the patent focuses on the online and digital shopping, and the proposed blockchain system works in the same way as of the first part.
These two patent applications are the intellectual property of Walmart, as they are transforming from typical system to blockchain technology for shipping, supply chain management, and operations as well.