The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Walmart’s Blockchain-based Digital Marketplace Patent – Amazon’s Next Move?

by Daily Hodl Staff
May 23, 2018
in Blockchain

Walmart filed a patent in 2017 outlining a blockchain-based framework offering digital services for retail shoppers. The filing was granted on May 17, 2018 by the U.S. Patent and Trademark Office (USPTO). It proposes a system that will allow a customer to register products after purchase and designate a price for product resales via a new sales platform operated on behalf of the enterprise.

As stated in the patent, customers may interface with the platform in a variety of ways:

“That interface may be conducted, for example, via a point-of-sale interface, a browser-based interface, a mobile device app-based interface, and so forth. By one approach this registration must necessarily occur within a predetermined amount of time from when the customer purchases the item.”

The patent details how the blockchain can capture detailed customer information at point-of-sale:

“By one approach, the registration opportunity comprises a part of a larger overall function/opportunity. For example, the “Savings Catcher” mobile device app-based opportunity provided by Walmart permits a consumer to scan or otherwise enter an optical code on their receipts in order to have their purchases automatically compared against other competitors in order to receive cash back when a lower price from a competitor is found. In this case, with the customer’s permission the customer’s app-associated personal information (such as their identity) can be associated with the specific products that were purchased by the customer and stored in the aforementioned memory 107 as a purchase record that simultaneously serves as the aforementioned registration of this particular consumer’s purchase of a particular item 102.”

According to the document, a new transaction may be broadcasted and verified by the sender, the courier, the buyer, and/or 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.

This latest patent is one of a number of blockchain patents filed by Walmart.

Walmart, the world’s largest retailer, has been making strides to compete with behemoth Amazon, spending billions in its online business. It recently announced that online sales increased 33% in the first quarter of 2018 due to more upscale and premium offerings on its website. It has announced partnerships with Lord & Taylor, and brands H Halston, Lucky Brand and Effy to step up its premium appeal and shed its image for rock-bottom prices.

According to ComScore, Walmart’s efforts have triggered a major increase in traffic to its website, which has grown 34% in the past year, which is twice the 17% growth rate for Amazon. Despite the increase, Walmart trails Amazon by a wide margin with an online audience of 101 million compared to the 183 million online shoppers who visited Amazon in April.

The battle between Walmart and Amazon to win over the greatest number of consumers has pushed both companies to explore blockchain as a driver of efficiency and as a way to enhance the customer experience. Blockchain is now entering a phase where possible use cases include the management of customer loyalty points programs, cryptocurrency as a form of payment and transactions being initiated, completed and stored in real time on the blockchain for greater transparency, efficiency and convenience.

Speculation that Amazon will adopt a cryptocurrency such as Dash, Litecoin, Ripple or Bitcoin in order to maintain its leading edge among Millennial shoppers, the key demographic of its subscription service Amazon Prime, continues to prevail. Because Jeff Bezos founded Amazon in 1994 when the World Wide Web was just getting started, and given his background as a computer scientist, Amazon will continue to appear as a natural fit for new protocols that further revolutionize and digitize payments, and enhance the desktop and mobile purchasing process.

But there have been no updates as to whether or not Amazon will adopt an existing cryptocurrency, create its own native coin or allow fiat to remain the sole payment option. Walmart, founded in 1962, long before personal laptops and the start of e-commerce, has made no further announcements regarding when or how it may implement the blockchain-based marketplace detailed in the recent patent.

Among the top 100 companies, China’s e-commerce, retail, Internet, AI and tech powerhouse Alibaba takes the number one spot for the most blockchain patents.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Radix Babylon Upgrade Marks New Era for Web 3.0 User and Developer Experience
    September 28, 2023
  • Tyrion Set To Decentralize the $377 Billion Digital Advertising Industry
    September 25, 2023
  • Hydranet Launches Layer Three Dex – A Game Changer for Trustless Cross-Chain Trading
    September 25, 2023
  • Ottochain Homage to EVMOS and Ethereum Layer Two
    September 21, 2023
  • Algorand Foundation Announces Build-a-Bull Hackathon in Collaboration With AWS
    September 20, 2023
  • OKX Achieves SOC 2 Type II Certification, Demonstrating Its Industry-Leading User Safety, Security and Compliance Standards
    September 20, 2023
  • Dexalot Unveils SimpleSwap and SimpleView Features for Enhanced User Experience
    September 19, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$26,930.22
$26,930.22
2.12%
Ethereum
$1,653.05
$1,653.05
2.94%
Cardano
$0.250336
$0.250336
2.51%
XRP
$0.510868
$0.510868
2.24%
Dogecoin
$0.06147
$0.06147
1.43%

Spotlight

  • Bitcoin’s Next Move Up Will Be Explosive, Says Crypto Analyst – But There’s a Catch
    September 21, 2023
  • Trader Issues Warning on Ethereum-Based Altcoin That’s Soared Over 300% in a Month, Updates Outlook on Bitcoin
    September 21, 2023
  • Significant Downside Move for Ethereum Against Bitcoin Looming, Says Benjamin Cowen – Here Are His Targets
    September 21, 2023
  • Ethereum Wallet Suddenly Sells All Its ETH for Millions in Stablecoins After Lying Dormant for Nearly Four Years
    September 21, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash • Financeflux •
Industry Announcements

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl