Walmart Eyeing Blockchain Tech for Retail Product Re-Sales

Walmart’s new patent application reveals how blockchain tech can increase digital service offerings for customers.

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The US Patent and Trademark Office (USPTO) had released a document showing the retail giant’s patent application to use blockchain tech in tracking items stores sell to a particular customer. The application had been filed in 2017 and was just granted this May 17.

According to the proposed system, retail customers would be able to register their purchased items then later on choose a price for its resale to individuals. The system would act as a digital marketplace where Walmart.

The patent also specifies that the system will not be made limited to retailers. Individuals can also make use of the system to resell products.

The patent states that:

“The increasing competition from ‘non-traditional shopping mechanisms’ as an incentive for ‘brick and mortar’ retailers to stay ahead of new technologies that could improve customer experience.”

Walmart further shed light on the proposed system:

“By one approach, the transfer from one seller to the courier may require signatures from both the sender and the courier using their respective private keys. The new transaction may be broadcasted and verified by the sender, the courier, the buyer, and/or the other nodes on the system before being added to the distributed delivery record blockchain. When the package is transferred from the courier to the buyer, the courier may use the courier’s private key to authorize the transfer of the digital asset representing the physical asset from the courier to the buyer and update the delivery record with the new transaction.”

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