Walmart has recently made another push into blockchain technology as the retail company has filed for a patent for a blockchain-based marketplace for customers to resell previously purchased products. The patent record filed with the United States Patent Office states that the patent is for technology that would, “maintain a record in a blockchain ledger of a particular consumer’s purchase of a particular one of the physically-discrete items; provide an opportunity to the particular consumer to resell the particular one of the physically-discrete items via a sales platform, wherein the opportunity includes leveraging the record in the blockchain ledger.”
Filed in 2017 and granted on May 17, 2018, the document adds to an impressive arsenal featuring a number ranging from parcel-tracking systems to IoT.
As per the document, Walmart’s proposed system enables the tracking of retail products brought by a customer. This is achieved by allowing a customer (storehouses or retail) to “register” a product after purchase, choosing a defined price for resale to individuals while using Walmart’s framework as a digital marketplace.
As stated in the patent:
“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.”
Walmart is currently the world’s largest retailer with around $36.4 billion in annual profits. With the ever-increasing competition in the retail business expect to see more companies research how blockchain technology can give them a leg up on their competitors.
