Walmart Canada has developed a blockchain-based network to facilitate logistics operations and payments, the company announced in a press release Thursday (Nov. 14).
In collaboration with blockchain technology firm DLT Labs, Walmart Canada announced the development of a freight and payment network that allows participants on the platform to gain visibility into various logistics processes, including delivery tracking, transaction verification, and payments and reconciliation automation between Walmart Canada and its carriers.
The network will support logistics operations across Walmart Canada‘s more than 400 retail store locations in the country, the company said, adding that the network aims to launch in February of next year.
Using DLT Labs’ DL Asset Track technology, the network integrates supply chain and logistics data in real time across Walmart Canada and its third-party freight trucking providers. The technology supports real-time invoicing, payments and settlement from directly within the portal, which can be accessed via web or mobile device, according to the press release.
“Walmart Canada is dedicated to efficiency across our business, including most importantly in our supply chain and logistics management,” said Walmart Canada Senior Vice President, Logistics and Supply chain John Bayliss in a statement, adding that the retail giant works with freight carriers that move more than 500,000 inventory loads across Canada, “which creates an extraordinary volume of transaction data,” he noted.
“This new dynamic and interactive blockchain technology platform is creating complete transparency between Walmart Canada and all of our carrier partners,” he continued. “Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain. Moreover, this degrees of improved efficiency represents a powerful platform for us to continue to reduce our environmental footprint and continue our leadership in environmental sustainability.”
In another statement, DLT Labs CEO Loudon Owen said the network collaboration with Walmart Canada “proves the high value of blockchain and sets the stage to revolutionize supply chain management and logistics.”