The days of blockchain and cryptocurrency garnering interest solely from tech enthusiasts and adventurous investors are over as we see the dawn of a new era in which both crypto and blockchain are becoming more and more ingrained into company operations.
The days of blockchain and cryptocurrency garnering interest solely from tech enthusiasts and adventurous investors are over as we see the dawn of a new era in which both crypto and blockchain are becoming more and more ingrained into company operations.
Using a digital currency, low-income households that find banking expensive, may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs
From Facebook’s Libra to Amazon’s new blockchain products, major entities are realizing that there is a need for digital currencies and an application for blockchain that can help improve transparency and make business more efficient.
That sentiment has now attracted the attention of Walmart.
According to a recent report from Bloomberg, a newer subsidiary of the company known as Walmart Apollo LLC filed more blockchain-related patents with the United States Patent and Trademark Office.
Walmart had previously been granted patents in the past that featured blockchain technology that aimed to store medical information, promote efficient use with an energy network, and protect real and virtual property. They have even sought to pursue blockchain for supply-chain tracking purposes as well as crowdsourced delivery and security systems.
Now, they are turning their focus over to developing their own cryptocurrency.
Their newest patent outlines the development of a cryptocurrency that would run on a blockchain that would store transactions along with a customer’s purchase history and information such as how much they saved. The “Walmart Coin” would function as a stablecoin and could possibly allow users to earn interest. The information stored on the blockchain would also allow customers to earn loyalty points.
As with most stablecoins, Walmart also pointed out the potential benefits that the unbanked can experience using the asset, stating…
“Using a digital currency, low-income households that find banking expensive, may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs… The digital currency may be pegged to the US dollar and available for use only at selected retailors or partners. In other embodiments, the digital currency is available for use anywhere. The digital currency can provide a fee-free, or fee-minimal place to store wealth that can be spent, for example, at retailers and, if needed, easily converted to cash.”
Another report at Bloomberg published on August 5th states that there is also much more confidence in Walmart’s attempt to generate their own cryptocurrency as there are many differences when compared to models that have received forceful regulatory pushback (such as Libra, for example.) Some aspects that help to make Walmart’s offer more attractive to regulators include its lack of desire to be a global force and the fact that many would be able to take advantage of this readily-available financial system.
Although Walmart has no solid plans regarding the development of a crypto offering at this time, we will hopefully see further developments as they continue to move forward with their blockchain projects.
