Walmart Canada, DLT Labs launch blockchain-based freight, payment network
The new system uses distributed ledger technology to track deliveries, verify transactions and automate payments and reconciliation among Walmart Canada and its carriers.
Walmart Canada, Canada, and DLT Labs, Canada, launched a blockchain-based freight and payment network, what is said to be the world's largest full production blockchain solution for any industrial application.
The new system uses distributed ledger technology to track deliveries, verify transactions and automate payments and reconciliation among Walmart Canada and its carriers. All Walmart Canada's third-party carriers are scheduled to be live by Feb. 1, 2020.
The automated freight and payment data uses DLT's supply chain network, DL Asset Track, to manage, integrate and synchronize supply chain and logistics data in real-time, aggregating the data between Walmart Canada and its fleet of third-party trucks on a shared ledger. The solution also automates the myriad necessary calculations enabling real-time invoicing, payments and settlement. At the same time, it seamlessly integrates with each company's legacy systems, so organizations can continue to follow their existing processes without re-training or investing in new technology.
"Walmart Canada is dedicated to efficiency across our business, including most importantly, in our supply chain and logistics management,” says John Bayliss, senior vice president, logistics and supply chain, Walmart Canada. “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. 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."
"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,” adds Loudon Owen, chief executive officer of DLT Labs. “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. 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."
"Great partners find innovative ways to create business solutions that benefit both parties,” says Rod Hendrickson, vice president of finance for Bison Transport, the Canada-based carrier partner in the pilot. “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."