Walmart Files Patent For Blockchain-based Digital Marketplace

Based on the vision Walmart had as an effort to increase its digital services for retail shoppers, the U.S. Patent and Trademark Office (USPTO) recently issued a filing that outlines a blockchain-based framework.

The document which was filed in 2017 and granted on May 17, 2018, signifies Walmart’s efforts to adopt digital technologies for expanding its intellectual property brought by a customer. This is made possible by making it possible for a customer to “register” a product after sales, choosing a distinct price for resale to individuals while making use of Walmart’s framework as a digital marketplace.

A piece in the patent notes:

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

Additionally, the patent states that the development is not only meant for retails, as individual customers usually us an item for a short time and want to sell it in future. Yet, this includes low-awareness on how to carry out the sales, as customers are “left to their own devices to arrange for a subsequent resale.

Yet, it is claimed that the stated platform will provide “additional support to greatly ease and facilitate there later reselling of items,” while covering a variety of interfaces like web browsers, mobile platforms, or a physical point-of-sale.

The suggestion comparable to a recent patent which was filed describing the retail giant’s goal to power up a series of delivery vans through the blockchain.

But, the recent patent states a “distributed delivery record blockchain,” which keeps track of every sale as the products are purchased in bulk, sold to customers and handled by couriers.