When it comes to new inventions, it appears as if the world has learned its lesson from the Winklevoss twins. Companies are applying for patents left, right, and center when it comes to blockchain technology and there is no surprise in that. Blockchain technology has the ability to make businesses more profitable by speeding up multiple processes, as well as making them safer. Some of the biggest names in business are working on blockchain projects, with Walmart being the latest to join the club.
Walmart has already applied for a number of blockchain related patents in the past year, a clear indicator that it is here to stay in the blockchain space. In this latest patent, Walmart appears to be looking to the future by detailing a way in which robots – or machines with AI capabilities – can deliver packages with its new patent.
Robots Delivering Parcels
The patent application outlines a method for a blockchain to authenticate autonomous robots, meaning that very soon we could see Walmart employing self-driving vehicles and drones to complete deliveries. It addresses the methods and protocols that will be used to secure the authentication channels to prevent hackers from falsifying signals and stealing shipments. While this sounds like something straight out of a sci-fi movie, Walmart is hoping it will revolutionize its business.
Amazon Leading the Industry
Retail companies are having a hard time competing with Amazon, and blockchain technology is proving to be a key proponent in the battle for superiority. Amazon has recently launched its own delivery firm, making it harder for companies like Walmart to compete.
Delivery Companies Turning to Blockchain
Walmart isn’t the first company to look at blockchain solutions for its delivery process. UPS has also applied for a blockchain patent to help it keep track of parcels around the globe in order to speed up its delivery process. By using blockchain technology to automate as much of the delivery process as possible, companies can move products faster and more efficiently. However this comes at a cost, a human cost. Unfortunately, as these processes are automated with blockchain technology, less humans will be required in the delivery process, meaning there will be less jobs available in this industry.
Over in China, the Wuchang province is looking to put its precious rice on a blockchain to stop fakes entering the market, as well as speed up delivery times. The delivery process of the prized rice is fraught with dangers, such as theft and loss of produce. By putting the rice on a blockchain, the farms can ensure their product gets to market on time and end users know they are getting authentic Wuchang rice.
More companies are putting their products on the blockchain, as more are turning to blockchain in order to become more efficient. Blockchain technology appears as if it’s the next defining step in virtually every industry, so it shouldn’t be long before every company is making use of it.