The key benefits to Walmart Canada's new blockchain solution
As Walmart Canada unveils the world’s largest full production blockchain solution for any industrial application, Supply Chain Digital takes a closer look at what this means for the retail giants.
In collaboration with DLT Labs, the company has launched a new blockchain-based freight and payment network. The system leverages distributed ledger technology to track deliveries, verify transactions and automate payments among Walmart Canada and its carriers which delivers inventory to more than 400 retail stores across Canada every year.
What are the benefits?
Data capture and integrity: A distributed repository increases trust and transparency by sharing information and automating workflows and calculations to minimise manual effort and increase accuracy.
System efficiency: Improved collective resource utilisation, including quicker responses, improved tracking and tracing and early problem detection.
Faster transaction time: Real-time consolidation of all business rules and transactions to create a single invoice reduces wait times and speeds up payments.
Eliminates disputes: All participants can now effectively manage the complex shipment, invoice, payment and settlement process.
Reduces costs: Increased efficiency reduces all parties’ enterprise technology and administration costs.
Better budgeting and planning: Accurate, real-time data can now be used for enhanced analytics and predictive modelling.
Blockchain technology encourages shared, immutable and highly auditable store of data on a secure, shared ledger. Due to the application of blockchain technology in industry has been discussed, this is the first practical implementation at scale that clearly demonstrates blockchain’s significant benefits. With technology playing a major part in supply chains through the Internet of Things (IoT), a huge amount of data is being generated that must be managed and integrated.
The partnership with DLT Labs has been established to automate freight and payment data using DLT’s leading supply chain platform DL Asset Track. The new blockchain-based freight and payment network manages, integrates and synchronizes all the supply chain and logistics data in real-time. 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 to enable organisations to follow their existing processes without retraining or a new investment technology.
It is expected that all of Walmart Canada’s third-party carriers are scheduled to be live by February 1, 2020.
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Image: Walmart press.