Walmart plans to use blockchain for delivery tracking

US retail giant is going to leverage the blockchain in a rapidly growing online shopping market
02 March 2018   437

On Thursday, March 1 US Patent and Trademark office released an application submitted by Walmart. It indicates clear aspirations of the company to put blockchain to use in its package delivery system. The area of application is tracking. The system includes a blockchain platform and a tracking device called a "smart package". It will record the state of the package, it contents, location, etc.

The actual situation with online shopping is new quality requirements for the area. Namely, perishable products need particular temperature control that drives the innovation of the delivery chain. The "smart package" will be all-in-box solution: it will incorporate the necessary blockchain components like private keys recognition and hashing function. With this inclusion, the device will be able to record the chain of package custody.

These online customers many times seek to purchase items that may require a controlled environment and further seek to have greater security in the shipping packaging that the items are shipped in.


Excerpt from Walmart application

The filing also proposes an idea of a cooperation between the "smart package" system and drone technology, for instance. The update to the patent correlates with last year's concept of tracking delivery drones with the blockchain technology. Also worth reminding that last year Walmart collaborated with IBM to from Food Safety Alliance.

Cryptocurrency to be Regulated in France

French Ministry of the Economy and Finances creates working group to regulate cryptocurrency
22 March 2018   117

Bruno Le Maire, the French Minister of the Economy, announced the government initiative to constitute the instructions and regulations towards cryptocurrency. The group is also aimed to decrease the influence of Bitcoin and altcoins to the formal system of economy with the help of required concept. These measures would help French government to prevent tax avoidance and some other criminal activities (such as money laundering).

In an op-ed that was published in French media this week the Minister of the Economy Bruno Le Maire made a promise not to miss the blockchain revolution. He refined the reasons of the French authorities`decision to regulate the technology. According to his point of view, it is impossible for any consumer or entrepreneur to carry out a transaction, invest, develop in business being in a regulatory vacuum. The Minister also put this position on the top among the rest questions to be discussed at G20 Summit in Buenos Aires. Bruno Le Maire is sure that the role of France is to be a driving force in “building the world of tomorrow”.

The Minister is going to present his case at the G20 Summit in 2018 in Argentina. He hopes that the framework can help in decreasing illegal activity in cryptocurrencies. Le Maire also explained that the sphere of digital funds is extremely attractive for criminals.

The leader of the working group is Deputy Governor of the Central Bank of France Jean-Pierre Landau. The French Central Bank supports the Government and hopes there would be no negative impact and consequences for the traditional economy system.

The key object of cryptocurrency regulation is to limit various negative factors in the financial sphere caused by digital money, such as the price volatility. Le Maire claims that at the same time the regulation of the cryptocurrency can support the development of the technology and can even lead to the economic growth. As blockchain can destroy not only traditional daily practices in banking and financial markets, but also patents and certified acts, the French Minister of Economy urges that the working group should foresee all these changes and become “actors of this revolution”, instead of simple viewers.