Walmart has registered a patent for an online purchase and payment service that uses blockchain technology. The document, filed with the United States Patent and Trademark Office defines the various methods by which a buyer can acquire Walmart products, either in person or through the Internet.
Particularly, when buying from the Internet, some possibilities are reduced to select products according to more specific demands or with certain conditions.
The new system is designed to tackle some issues
The present concept provides a system for buyers who should order products online while still being able to select products provided by the physical purchase in the store using a guide system.
As part of this system, these concepts include a shared system of payments to the seller. This system and method, coordinated with some other features, allows a user to make the payment, which is encrypted and shared with the other vendors who worked together to complete the buyer’s order.
In this way, it is explained that the integrated payment system helps the buyer to choose their products and once the payment is made, it is automatically distributed among Walmart employees or sellers who worked in that work. This would be possible through blockchain.
Walmart has been involved in blockchain technology for a long time, now
It is likely that Walmart will create a purchase history for each client until a more accurate profile is developed about their interests, although the blockchain technology proposed in this patent includes reciprocity and communication with the customer.
The system would record the information in the blockchain, giving it the known benefits of distributed blockchain technology, such as security, immutability, and transparency, among others.
Regarding automation in the payment distribution, it is not specified if Walmart would use a mechanism such as smart contracts or it will create their own blockchain.
Walmart has been involved in blockchain technology for some years, although this time the patent aims to integrate the system in its physical and online stores, which if materialized would represent a milestone in the industry.