Walmart Canada and DLT Labs launch full production blockchain solution for industrial application
According to a source from PRNewsWire, Walmart Canada and DLT Labs announced a blockchain-based freight and transaction network. This network uses distributed ledger technologies (DLT) to trace deliveries and verify transactions between Walmart and its business partners. Walmart will be using DLT’s platform, DL Asset Track. This platform has the ability to synchronize all supply chain and logistics data. The application also allows instant invoicing, payments and settlements.
According to a source from PRNewsWire, Walmart Canada and DLT Labs announced a blockchain-based freight and transaction network. This network uses distributed ledger technologies (DLT) to trace deliveries and verify transactions between Walmart and its business partners. Walmart will be using DLT’s platform, DL Asset Track. This platform has the ability to synchronize all supply chain and logistics data. The application also allows instant invoicing, payments and settlements.
John Bayliss, senior vice-president, logistics and supply chain, Walmart Canada, says, “Walmart Canada is dedicated to efficiency across our business, including most importantly in our supply chain and logistics management. Our carrier partners move over 500,000 loads of inventory nationally, which creates an extraordinary volume of transaction data. This new dynamic and interactive blockchain technology platform is creating complete transparency between Walmart Canada and all of our carrier partners.” Bayliss adds, “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 degree of improved efficiency represents a powerful platform for us to continue to reduce our environmental footprint and continue our leadership in environmental sustainability.”
Loudon Owen, CEO of DLT Labs™, says, “Walmart is a global leader in innovation, with a relentless focus on improving people’s lives, and DLT Labs™ is delighted to partner with such an extraordinary organization to bring the world’s first and largest blockchain solution for industry into production. This proves the high value of blockchain and sets the stage to revolutionize supply chain management and logistics, due to its ability to enable secure information sharing, manage trust and reduce waste in multi-partner operational processes.” Owen adds, “Just as the Roman’s concept, ‘dictum meum pactum’ (meaning ‘my word is my bond’) was fundamental to building trade, this product creates a secure digital handshake using blockchain to renew trust and efficiency in global trade.”
According to Rod Hendrickson, VP Finance, Bison Transport, “Great partners find innovative ways to create business solutions that benefit both parties. The blockchain initiative we worked on with Walmart and DLT Labs is just that – a mutually beneficial solution that works well for Bison Transport and Walmart Canada. This project is a new paradigm that will greatly improve workflows, reduce paperwork, and make the business we do with Walmart more efficient.”
According to the source, these are the direct benefits of freight and payment solutions: “Data Capture & Integrity: A distributed repository increases trust and transparency by sharing information and automating workflows and calculations to minimize manual effort and increase accuracy, System Efficiency: Improved collective resource utilization, including quicker responses, improved tracking and tracing, and early problem detection, Faster Transaction Time: Real-time consolidation of all business rules and transactions to create a single invoice reduces wait times and speeds up payments, Eliminates Disputes: All participants can now effectively manage the complex shipment, invoice, payment and settlement process, while minimizing unproductive time spent on disputes and reconciliations, Reduces Costs: Increased efficiency reduces all parties’ enterprise technology and administration costs, Better Budgeting and Planning: Accurate, real-time data can now be used for enhanced analytics and predictive modelling.”
