Walmart Canada launches blockchain-based freight and payment network
Mon, 03 Feb 2020, 08:05 am UTC
The companies claim this to be the world’s largest full production blockchain solution for any industrial application. The system uses distributed ledger technology (DLT) for tracking deliveries, verifying transactions, and automating payments and reconciliation among Walmart Canada and its carriers.
According to a press release, Walmart Canada moves more than 853 million cases of merchandise annually, which are transported by a combination of third-party fleet as well as the retail giant’s own fleet of 180 tractors, 2,000 trailers, and more than 350 drivers. Each third-party trailer tracks approximately 200 data points per shipment.
The blockchain-based solution, accessible using a web portal and a mobile application, leverages DLT Labs’ supply chain platform DL Asset Track. It facilitates the Walmart Canada’s collaboration and information sharing with 70 third-party trucking companies that deliver its inventory across Canada annually.
The solution helps to manage, integrate and synchronize all the supply chain and logistics data in real-time, resulting in significant cost and time savings. By automating the necessary calculation, it enables real-time invoicing, payments and settlement. Bison Transport was the carrier partner in the pilot of the blockchain-based network.
“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,” John Bayliss, senior vice-president, logistics and supply chain, Walmart Canada, said, adding that blockchain technology is enabling “expedited payments, extensive cost savings and other benefits among our supply chain.”
In addition, the solution seamlessly integrates with each company’s legacy systems, allowing organizations to continue their existing processes without the need to retrain or invest in technology. Other benefits include enhanced efficiency, elimination of disputes, and better budgeting and planning.
“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,” said Loudon Owen, CEO of DLT Labs. “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.”
Just recently, the World Economic Forum (WEF) announced a new blockchain-based supply chain traceability platform. The platform has been developed in collaboration with Everledger, Lenzing Group, TextileGenesis, and the International Trade Centre.
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