Posted 7 months ago | by Ben Armstrong
Blockchain Helps Walmart Canada Deal With Freight Payments
Walmart Canada is doing great with blockchain. Out of 150,000 invoices – 98% have been settled by using blockchain. Walmart Canada and its carriers are applying blockchain Distributed Ledger Technology (DLT) in payment processing.
Compared to last year, when 70% of invoices resulted in a dispute – blockchain technology is looking like a real winner.
Walmart Canada, as a main division of the world’s biggest chain retailers, is coordinating with 60 carriers to send out its products across Canada. In the past, Walmart used to struggle as their staff had to manually sort out and arrange receipts for each shipping order on an seemingly endless list.
Walmart Needed Help!
It had taken a really long time for payments to be approved and moved forward, which resulted in big issues for logistics companies. The massive data from daily sales and deliveries was something beyond human capability.
Knowing this frustration was a huge waste of money, Walmart Canada’s board of managers turned to blockchain. They tapped DLT Labs, a tech-based startup, to design and deploy a DLT invoice-handling and payment system, which they called DL Freight.
It was launched together with a C$3.5 billion package Walmart Canada spent in an effort to build an outstanding supply chain. DL Freight gathers the metadata from every internal and external source, then puts it onto a single ledger platform, where all parties can access and track the details.
Blockchain Makes a Lot of Sense
Blockchain technology forms a bridge between all the parties in a supply chains – and it can reconcile mass data easily. It helps to establish a consistent framework and automate invoice and payment settlement. More importantly, it ensures the entire cycle runs quickly and securely.
Speaking to the public, Loudon Owen, CEO of DLT Labs, shared his excitement over the remarkable transformation blockchain had brought to carrier transactions at Walmart Canada and the confidence in its inclusive solutions.
After the first successful pilots, recently DL Freight has become the national standard for Walmart Canada to deal with their freight invoices and payments. It is also working to apply DLT on other business processes.
At the same time, DLT Labs is also looking ways to extend this application to other companies on national scale.
The achievements from utilizing blockchain technology by Walmart and DLT Labs receive a genuine welcome from the community. The Council for Supply Chain Management Professionals announced that the two companies advanced to the final round of the Supply Chain Innovation Awards.
Articles on Bitboy may contain affiliate links that help us to remain profitable. It might come as a surprise, but all these great articles aren’t cheap to produce. If you don’t mind helping us out, please click on the links!