The testing of water within the globe of cryptocurrencies by Walmart Inc. appears to be undertaken following Facebook Inc.’
According to a document released by the US on August 1 the retailing giant used a patent for using a digital coin linked to a conventional fiat currency that could enable for a cheaper and quicker transaction and loyalty characteristics. Trademark Office and Patent.
Although it has been authorized, Bentonville, Walmart, Arkansas, does not appear soon to launch a coin comparable to the pound suggested by Facebook. In an e-mail, Kory Lundberg, Walmart’s spokesperson, wrote: “We have no plans at this stage for this patent.”
The firm said it wishes to patent a technique for generating a coin, which operates and documents a blockchain transaction, a digital ledger similar to the one that is powering bitcoin, in the application submitted on 29 Jan. It intends to overlay client purchase and savings data with the transaction data.
Walmart is a leader in the implementation of technology blockchain and already uses blockchain to track products throughout its supply chain.
Instead of loyalty points, other businesses want to issue digital coins or use tokens to enable transactions to be quicker and cheaper than present payment systems.
Traders have long sought methods to reduce payment systems such as Visa Inc. and Mastercard Inc. Earlier this year, Facebook’s plans to develop a digital currency to be used for the purchase of products and services from social network customers met with a reaction on the privacy issues of regulators and customers and the potential adverse impacts on the US financial system.
Source: The Detroit News