Walmart Canada and DLT Labs are partnering together to launch a blockchain-based freight and payment network. The solution will be the world’s largest full production blockchain for any industrial application.
“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,” Loudon Owen, CEO of DLT Labs, says. “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.”
The new system uses distributed ledger technology to track deliveries, verify transactions and automate payments and reconciliation among Walmart Canada and its carriers which deliver inventory to over 400 retail stores across Canada annually. All of the company’s third-party carriers are scheduled to be live by February 1, 2020. The solution is accessible using a web portal and an easy to use mobile application.
The new blockchain-based freight and payment network manages, integrates and synchronizes all the supply chain and logistics data in real time, aggregating the data between Walmart Canada and its fleet of third-party trucks on a shared ledger. 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. this innovation arose from…