Walmart to Use Blockchain for Retail Product Resales

Blockchain based system will allow Walmart customers to resale purchased goods, when they won't need them anymore
22 May 2018   677

Walmart filed a patent application for the market for the resale of goods on the blockchain. This is reported by Coindesk.

The application describes a service that will record the purchase of customers in the registry on the blockchain, which will subsequently allow them to resell the purchased goods, using the available records, on the retailer's site.

Compilers of the application note that the client does not always intend to use the acquired item throughout its life cycle and often has to rely on its own resources for subsequent resale, and the described invention "will provide additional support and greatly simplify the process of reselling goods." As a mechanism for accessing the service on the blockchain, trading terminals, mobile devices and a web interface are offered.

Walmart draws attention to the growing competition from "non-traditional shopping mechanisms", which explains the need for retailers with a presence in the real world, to follow the development of technology and to improve the level of customer service.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   102

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.