Walmart filed patent for a blockchain-based marketplace. Bestowing to US Patent and Trademark Office USPTO patent filing, it is trading with purchased products. The firm is in a plan to extend its digital services for retail shoppers.
Walmart Food Company
Walmart is an American multinational retail corporation. It operates a chain of supermarkets, discounts department stores and grocery stores. The headquarters of Walmart is located in Bentonville, Arkansas. Walmart filed for the patent in the year 2017, and granted the document on May 17 2018.
The document is an instance to encourage digital technologies for enhancing its intellectual property holdings. It is adding an impressive arsenal feature to number the range from parcel-tracking system to loT. The application elaborates a service that records a customer’s purchase in a blockchain ledger.
As per the document, Walmart’s proposed system permits the tracking of retail products purchased by customer. This is accomplished by allowing customer to register a product after acquirement. It helps customers to choose a defined price and resale to individuals by utilizing Walmart’s framework as a digital marketplace.
The patent claims as follows:
The rapidly increasing clash for non-traditional shopping mechanisms is incentives for bricks and mortor retailers. It helps them to stay ahead of new technologies which improve customer experience.
Additionally, the patent cites that the innovation is not restricted to the retails. The individual customers can use items for a limited period and can sell after certain time. This concerns with a low-awareness on how to execute the sale, as customers are onto their own devices and arrange for a consequent sell.
Earlier, Walmart filed a patent for a Smart Package delivery system which utilizes a blockchain-based tool. This tool is useful for tracking package contents, environment conditions and locations. Recently, The Vice president of Walmart’s Food Safety and Health lamented that the company is planning to utilize Blockchain technology in its live food business to increase contamination management and to view the transparency in the system.
Basically, Walmart patent is increasing the competition from “non-traditional shopping mechanisms” as an incentive for bricks and mortar retailers. It stays ahead for new technologies which can improve customer experience.