Walmart Canada Partners With DLT Labs To Launch Blockchain-Based Freight And Payment Network
Walmart Canada, in association with DLT Labs, launched a blockchain-based freight and payment network.
The companies claim this to be the world’s most significant full production blockchain solution for any industrial application. The system uses DLT (distributed ledger technology) for verifying transactions, tracking deliveries, and automating payments and agreements among Walmart Canada and its carriers.
According to a press release, Walmart Canada runs more than 853 million cases of merchandise yearly, which are carried by a blend of the third-party fleet as well as the retail giant’s fleet of 180 tractors, 2,000 trailers, and more than 350 drivers. Each third trailer tracks about 200 data points per shipment.
The blockchain-based solution, accessible utilizing a web portal and a mobile application, leverages DLT Labs’ supply chain platform DL Asset Track. It aids the Walmart Canada’s collaboration and information sharing with 70 third-party trucking companies that deliver its inventory across Canada annually.
The solution assists in managing, integrating, and synchronizing all the supply chain and logistics data in real-time, appearing in high cost and time savings. By automating the required calculation, it allows 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.”
Also, the solution seamlessly blends with each company’s legacy systems, enabling organizations to proceed with their existing processes without the requirement to retrain or invest in technology. Other advantages involve the elimination of disputes, enhanced efficiency, 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 the industry into production,” said Loudon Owen, CEO of DLT Labs. “Just as 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 lately, the World Economic Forum (WEF) declared a new blockchain-based supply chain traceability platform. The platform has been developed in association with TextileGenesis, Everledger, Lenzing Group, and the International Trade Centre.