Walmart may soon store payment info on Blockchain - Blockchain Technology News

United States' leading retail stores, Walmart has hinted that it is developing a system to store payment information on the blockchain technology. The company recently published a patent filing at the U.S. Patent and Trademark Office (USPTO) making it the second of such filing by the company.

Both applications were published on Thursday 20th April though originally filed in October 2017. The document revealed that the blockchain powered systems would be designed to secure customer’s data, ensuring that private information can't be access by unauthorized parties.

As described in the patent document, the vendor payment sharing system includes a customer computing device for accessing and receiving data produced by the system and a server located at a service provider, the server is coupled to the customer computing device. The system may be programmed to encrypt the payment section with blockchain.

The first blockchain patent proposes creating a network that would conduct the transaction on behalf of the customer automatically. Additionally, the document disclosed that the payment would be received by one or more vendors depending on what services are been provided and who provided these services.

The second blockchain patent emphasized on digital shopping, it will use a blockchain technology to encrypt the customer’s payment information similar to the first patent application. The filing document indicates that "the vendor payment sharing system also includes an authentication system for valuable digitized items. In an exemplary embodiment, the authentication system utilizes one or more aspects of conventional [blockchain systems]."

Another area where blockchain technology is applicable is in shipping and Logistics. The tech has proved quite useful in recording and verifying shipping details over a blockchain ledger. Other benefits include reduced time and shipping costs. In that regard, electronic Giant Samsung is seeking to use blockchain technology to track its global shipments. Song Kwang-woo, the Vice president at Samsung SDS Co. revealed that the tech giant hopes to use blockchain to reduce its shipping costs by up to 20 percent.