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Walmart Canada and DLT Lab announce Production grade Blockchain Network

Walmart Canada and DLT Lab announce Production grade Blockchain Network

Walmart Canada and DLT Labs announced the launch of Walmart Canada's blockchain-based freight and payment network.

Walmart partnered with DLT labs to set up automated freight and payment data leveraging DLT's DL Asset Track platform.

The newly introduced blockchain network claimed to be the first industry's first and largest production network, notes the announcement.

Walmart Canada and its carriers are planning to use the blockchain network to deliver inventory across 400 retail stores in Canada. The vast amount of data generated due to connected devices (Internet of Things) needs to be managed well among all interconnected parties. The blockchain technology solves this challenge.

Executive Opinion

Senior vice-president, logistics and supply chain, Walmart Canada, John Bayliss, says, "Walmart Canada is dedicated to efficiency across our business, including most importantly in our supply chain and logistics management. Our carrier partners move over 500,000 loads of inventory nationally, which creates an extraordinary volume of transaction data. This new dynamic and interactive blockchain technology platform is creating complete transparency between Walmart Canada and all of our carrier partners." Bayliss adds, "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."

CEO of DLT Labs, Loudon Owen, says, "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 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." Owen adds, "Just as the Roman's concept, 'dictum meum pactum' (meaning 'my word is my bond') was fundamental to building trade, this product creates a secure digital handshake using blockchain to renew trust and efficiency in global trade."

Blockchain-powered Freight and Payment solution

The distributed leader technology enables Walmart Canada to build further transparency in sharing information and automating workflows. The system also helps in eliminating disputes due to near real-time visibility into real-time consolidation of all business rules and transactions to create a single invoice.

The announcement noted that a new blockchain-powered platform is used in the mission-critical area of Walmart Canada's business, its supply chain, and has had to meet the highest levels of security and testing.

Walmart Canada and DLT Labs did a pilot and Bison Transport was the carrier partner for this new blockchain-based freight and payment network, notes the announcement.

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Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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