Walmart Canada, regional subsidiary of international retail giant Walmart, has entered into a partnership with DLT Labs.
In the official press release, DLT Labs claims that the relationship will see the integration of its blockchain based ‘DL Asset Track technology’ into the retailer’s existing freight and payments network. The company believes that this will help to achieve what it calls “the world’s largest full production blockchain solution for any industrial application”.
With DLT’s ‘DL Asset Track’ supply chain platform, Walmart Canada is set to automate freight and payment data with “state-of-the-art collaboration and information sharing with 70 third-party trucking companies” across Canada.
“Walmart Canada is dedicated to efficiency across our business, including most importantly in our supply chain and logistics management…
Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain.”John Bayliss (senior vice-president, logistics and supply chain, Walmart Canada
Working with multiple distributors is an essential strategy for ensuring a breadth and diversity of products, such as that required by a general store like Walmart, but it can be presumed that not all of these companies share the same logistical management systems or processes.
Situations like this can be challenging: involving disparate data sets which may be difficult to aggregate, collate and compare, and due to the lack of a standardised data methodology and / or input systems.
As of yet, nothing has been revealed regarding potential international editions of the scheme.
“The new blockchain-based freight and payment network manages, integrates and synchronizes all the supply chain and logistics data in real time, aggregating the data between Walmart Canada and its fleet of third-party trucks on a shared ledger.
The solution also automates the myriad necessary calculations enabling real-time invoicing, payments and settlement. At the same time, it seamlessly integrates with each company’s legacy systems, so organizations can continue to follow their existing processes without retraining or a new investment in technology.
This innovation arose from Walmart Canada’s continued focus on reducing costs to ensure the lowest everyday prices for Canadian consumers.”Press Release
Logistics are an integral component of any well-oiled retail operation, and Amazon is a prime example of how logistics can contribute to a market-leading competitive advantage in the retail sector, having streamlined its store-to-door performance for customers.
Statista recorded Amazon as wielding a 37% share of US retail e-commerce market in 2017 and although home delivery orders make up only a fraction of sales with Walmart, the lessons presented are just as applicable.
When a company as dominant as Amazon working toward its own technical-industrial revolutions (self-driving vehicles, unmanned factory robots), potential competitors could take a leaf out of Walmart Canada’s book by making similar contributions to retail innovation – particularly using blockchain.