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New Industrial Blockchain Solution Launched by Walmart Canada, DLT Labs
On November 14 Walmart Canada and DLT Labs announced the roll-out of a new blockchain-based freight and payment network that they're calling the "world's largest full blockchain solution for any industrial application."
The real-time system will provide a number of services for Walmart Canada, including delivery tracking, transaction verification, payment automation and reconciliation, and work between carriers and Walmart's retail stores.
"The new blockchain-based freight and payment network manages, integrates and synchronizes all the supply chain and logistics data....between Walmart Canada and its fleet of third-party trucks on a shared ledger," the company explained. "The solution also automates the myriad necessary calculations enabling real-time invoicing, payments and settlement. At the same time, it seamlessly integrates with each company's legacy systems, so organizations can continue to follow their existing processes without retraining or a new investment in technology."
"Walmart Canada's distribution centers are hubs of activity, with more than 4,500 associates and drivers moving thousands of items daily from sites located in Calgary, Mississauga and Cornwall to stores from coast to coast across Canada. Walmart Canada operates 8.75 million square feet of distribution center and moves more than 853 million cases of merchandise annually," the companies said.
The new system is schedule to go live February 1, 2020, and will be accessible to users via a Web portal and a mobile app.
About the Author
Becky Nagel is the former editorial director and director of Web for 1105 Media's Converge 360 group, and she now serves as vice president of AI for company, specializing in developing media, events and training for companies around AI and generative AI technology. She's the author of "ChatGPT Prompt 101 Guide for Business Users" and other popular AI resources with a real-world business perspective. She regularly speaks, writes and develops content around AI, generative AI and other business tech. Find her on X/Twitter @beckynagel.