Walmart Canada and DLT Labs announced the launch of the cargo and payment network as a complete production blockchain solution for any industrial application, they reported in a press release on November 14.
According to the publication, the new system uses distributed accounting technology to track deliveries, verify transactions and automate payments and reconciliations between Walmart Canada and its operators that deliver inventory to more than 400 retail stores throughout Canada annually.
All third-party service providers of Walmart Canada will be able to access the network as of February 1, 2020 through a web portal and mobile application.
The partnership between the companies was made to automate the loading and payment data using the leading DLT supply chain platform called DL Asset Track and arises from the retail chain’s focus on reducing costs that guarantee lower prices for consumers Canadians
The new blockchain-based load and payment network allows you to manage, integrate and synchronize all supply chain and logistics data in real time, adding data between Walmart Canada and the third-party truck fleet in a shared ledger, as indicated by the source.
With the blockchain solution you can automate a large number of necessary calculations that allow billing, payments and settlement in real time. In addition, the network can be integrated into each company’s systems, adapting to existing processes without the need for retraining or a new investment in this technology, as published.
John Bayliss (senior vice president of logistics and supply chain for Walmart Canada) explained that:
“Walmart Canada is dedicated to efficiency throughout our business, including the most important in our supply chain and logistics management. Our transport partners move more than 500,000 inventory loads nationwide, creating an extraordinary volume of transaction data. ”
He also pointed out some of the advantages of blockchain technology:
“The new dynamic and interactive blockchain technology platform is creating total transparency between Walmart Canada and all our operating partners… Blockchain is allowing a material advance in our intelligent transport network, with accelerated payments, extensive cost savings and other benefits among our supply chain”.
Walmart has already implemented pilot projects with blockchain technology before, such as shrimp traceability in India or as the drug tracking pilot created jointly with IBM, KPMG and the drug manufacturer Merck.