Walmart Canada and DLT Labs to Launch Blockchain Logistics Solution
Walmart Canada teams up with Toronto-based tech company DLT Labs to roll-out a new blockchain-based solution to manage the logistics of the American retailer over the Canadian territory according to a press article released by IGD SupplyChainAnalysis on November 15.
A New Logistics Network
Walmart Canada has just announced a strategic partnership with Canadian company DLT Labs to launch a new innovative solution to handle the company shipping to the over 400 Walmart retail stores across Canada.
DLT Labs is a Canadian tech company committed to the development and integration of innovative enterprise solutions using the distributed ledger technology (DLT).
The partnership leverages DLT’s leading supply chain platform DL Asset Track, a blockchain solution that enables automation freight and payment data. Thanks to this, Walmart Canada will be able to manage, integrate, and synchronize all the supply chain and logistics data in real-time.
The platform also automates the innumerable tiny calculations necessary to enable instant invoicing, payments and settlement. At the same time, the network can easily be integrated into each company involved without the need to distort legacy processes, this means that organizations can upgrade to the new solution without the need to undertake a new investment technology.
Both companies expect the platform to be integrated to all Walmart Canada third-party carriers by February 1, 2020.
Blockchain-Enabled Transparency
Walmart’s decision to bet on a blockchain solution to track, monitor and pay his carriers’ fleet derives from the huge automation possibilities enabled by the technology itself. Indeed, blockchain facilitates the function of shared, immutable and highly auditable stores of data on a secure, shared ledger.
Walmart Canada will enjoy numerous benefits in the adoption of the new blockchain platform, most of them related to strong data capture and integrity which increases trust and transparency whilst minimizing manual effort.
The platform enables the real-time settlement of transactions carried out on the whole network, bringing in quicker payments and reconciliations. Moreover, the automation of the processes leads to reduced technology and administration costs while preventing major disputes between actors. All participants will now enjoy an effective system to manage the complexity of the processes.
Lastly, we can say that blockchain enables an overall improved system efficiency including quicker responses, better tracking, and problem detection. Given the expanse of the network, Walmart expects the automated data management to result in massive financial savings.
This project can be considered one of the first industrial implementation at a meaningful scale in which the blockchain technology demonstrates significant benefits.
