Patent for Blockchain-Based Customer Marketplace filed by Walmart

Patent for Blockchain-Based Customer Marketplace filed by Walmart

Walmart has filed a patent for a blockchain-based marketplace for reselling purchased products, as indicated by a US Patent and Trademark Office USPTO patent documenting from May 17.

It is the world’s biggest company by income – roughly US$480 billion as indicated by Fortune Global 500 list in 2016 – and in addition the biggest private business on the planet with 2.3 million representatives. The company is controlled by Walton family and is as such traded on an open market family-possessed business.

Walmart Inc is an American multinational retail corporation that was a chain of Hypermarket Discount department stores in grocery stores. Walmart has stores and clubs in 28 different nations and is working under 59 different names.

The blockchain application describes a service that would record everything a client would purchase in a blockchain ledger, thus enabling the client to resell the purchased items on a sales platform using the record of the procurement.

The patent notes that since clients don’t generally plan to utilize a thing for its life expectancy, and are for the most part  “left to their own devices to arrange for a subsequent resale,” the architecture described in the patent can give “additional support to greatly ease and facilitate their later reselling of items.” The interface could be a place of sale, based on a browser, or cell phones among other options.

Walmart’s patent specifies the expanding competition from “non-traditional shopping mechanisms” as an impetus for ‘bricks and mortar’ dealers to remain in front of new technological advancements that could enhance customer experience.

In early March,  Walmart documented a separate patent for a “Smart Package” delivery methods that use blockchain-based instruments for tracking locations, package contents, and environmental conditions.

What’s more, towards April end, the Vice President of Walmart’s Food Safety and Health reported that the company was prepared to implement blockchain technology in its live food business in order to refine contamination management and complete transparency.

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Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.