Walmart wants to patent blockchain technology for secure payments
The patents draft a vendor payment system with the ability to handle and process customer transactions.
Newly published patents released by the United States Patent and Trademark Office (USPTO) reveal that big box retailer Walmart has plans to store and secure private payments data via a blockchain-supported platform.
Two Walmart applications, filed in October 2017, were liberated this week. Both patents assert that blockchain technology would be used to prevent third parties from accessing customer information and payment details.
The patents outline a vendor payment system that has the ability to handle and process transactions for customers. The platform will also encrypt and “automatically divide the payment between [necessary] parties”.
The patents goes on to state that online shopping does not allow for the selection of particular products that require more discrimination in selecting, such as fresh produce, fresh baked goods, vegetables and the like. Additionally, in systems where same day delivery is present, a customer may need to obtain items immediately and if it they are not available may need substitute items. Existing systems do not allow for this kind of control.
Walmart’s innovative new concept would provide a system for customers to have the convenience of ordering online while still having the ability to select products as if they were in-store via a managing courier system.
In a separately released patent filing, the USPTO reveald that late last year Mastercard sought a blockchain method for distributed storage and system for customer identity and credential protection and verification.
New research has revealed how blockchain technology, originally used to support cryptocurrencies, could potentially improve United States’ housing industries and significantly diminish costs for the mortgage sector.
Global insurance company Allianz is reportedly working on an internal digital token that can be used to move money in-house, avoiding external bank fees, currency conversions and other financial impediments.
Electronics giant and popular smartphone manufacturer Samsung is examining use cases for blockchain, the technology behind cryptocurrencies, with a particular focus on handling the company’s global supply network.
Online lenders, banks and other financial technology companies this week expressed interest in using blockchain technology as part of their business practice during the LendIt Fintech USA conference.
Digital currency network Ripple has contributed $25 million in XRP tokens to a $150 million Blockchain Capital investment fund, which is supporting entrepreneurial teams that are building blockchain-backed businesses.
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