Walmart Canada Delves Deeper into Blockchain with DLT Labs Tie-Up
Brian Njuguna Nov 15, 2019 04:55
Walmart Canada has teamed up with DLT Labs for its blockchain-driven freight and payment network that is touted to be the world’s most prominent full production blockchain solution for any sector application.
Walmart Canada has teamed up with DLT Labs for its blockchain-driven freight and payment network that is touted to be the world’s most prominent full production blockchain solution for any sector application.
The new network will utilize distributed ledger technology to automate payments and reconciliation, authenticate transactions, and trail deliveries between Walmart Canada and the company’s carriers. These carriers usually deliver inventory to at least 400 retail stores in Canada yearly.
Automation of Payment and Freight Data
The partnership is deemed fit because DL Asset Track, a supply chain platform by DLT Labs, will be used to automate payment and freight data.
Through a shared ledger, the blockchain-powered network will synchronize, integrate, and manage all the logistics and supply chain data in real-time between Walmart Canada and third-party trucks.
The framework also instigates real-time settlement, payments, and invoicing.
Walmart Canada’s Senior Vice-President Logistics and Supply Chain, John Bayliss, asserted: "Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain. Moreover, this degree of improved efficiency represents a powerful platform for us to continue to reduce our environmental footprint and continue our leadership in environmental sustainability."
Conversely, the CEO of DLT Labs, Loudon Owen, noted: "Walmart is a global leader in innovation, with a relentless focus on improving people's lives, and DLT Labs™ is delighted to partner with such an extraordinary organization to bring the world's first and largest blockchain solution for the industry into production. This proves the high value of blockchain and sets the stage to revolutionize supply chain management and logistics, due to its ability to enable secure information sharing, manage trust and reduce waste in multi-partner operational processes."
It has been stipulated that this blockchain innovation was prompted by Walmart Canada’s urge for minimized costs so that the utility of its Canadian consumers could be maximized through low daily prices.
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