Walmart Canada has teamed up with blockchain company DTL Labs to roll-out a new automated blockchain-based network for freight tracking and payments management.
The world's largest full production blockchain solution for any industrial application
The new network uses distributed ledger technology to improve freight and payment processing, enabling users to automatically trace deliveries, verify transactions and handle payments and reconciliation. In addition, the network can be integrated with each company's legacy systems, so organisations can continue to follow their existing processes without retraining or a new investment in technology.
All of Walmart Canada's third-party carriers are scheduled to be live by the 1st of February 2020. The solution is accessible using a web portal and a mobile application.
John Bayliss, senior vice-president of logistics and supply chain at Walmart Canada, said: “This new dynamic and interactive blockchain technology platform is creating complete transparency between Walmart Canada and all of our carrier partners. Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain. Moreover, this degree of improved efficiency represents a powerful platform for us to continue to reduce our environmental footprint and continue our leadership in environmental sustainability."
Loudon Owen, CEO of DLT Labs™, said: "Walmart is a global leader in innovation, with a relentless focus on improving people's lives, and 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. This proves the high value of blockchain and sets the stage to revolutionize supply chain management and logistics, due to its ability to enable secure information sharing, manage trust and reduce waste in multi-partner operational processes." Owen adds, "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."
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