The Canadian division of Walmart, Walmart Canada, and DLT Labs™ have announced the launch of a blockchain-based freight and payment network.
Walmart Partners with VeChain to Track Food Supply Chain
According to the official press release, this is the world's largest full production blockchain solution for any industrial application.
The system uses blockchain to track, verify, and automate payments/transactions among Walmart Canada and its carriers. All Walmart Canada's third-party carriers are reportedly scheduled to be live by February 1, 2020.
Senior Vice-President, Logistics and Supply Chain at Walmart Canada John Bayliss, says the company is dedicated to efficiency across its business, including most importantly in its supply chain and logistics management.
"Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain," Bayliss said.
Earlier iHodl reported that a blockchain ecosystem VeChain (VET) announced the first cross-continental logistics and trades blockchain-based solution for the food & beverage industry called Foodgates.