Last month, we had reported on retail giant Walmart, when it announced that it has asked its suppliers of green produce to integrate a blockchain-based system with their business. The system has been built by IBM, and the suppliers had been given the deadline of September 2019 to integrate it.
A letter sent by the company, said any company working with Walmart must work with IBM Food Trust network to ensure end-to-end traceability of items in two phases. The platform will make it easier for the company to trace food items quickly, which is currently an “almost insurmountable challenge”.
Following this report, Walmart reached out to Crypto-News India and informed us of the progress that was being made. They said, “Walmart Inc. is pleased to announce the development of a new blockchain service WalmartLeafy.com, the decentralized financial asset management network, to realize the world’s most reliable retail money transfer system and the ability to finalize transactions in less than 2 seconds. Suppliers will transition ecommerce payments from cash to digital on the Ethereum network in the form of ERC20 Tokens. By combining WalmartLabs payments business expertise with advanced blockchain technology implemented on the WalmartProjects platform, the aim is to offer a new retail payment network service from fiscal year 2019 compatible with IoT and other new technologies.”
Elaborating on that, the company said pre-sale of Walmart’s leafy tokens would begin this month and they will last until 75% (750,000,000 WAL) are distributed and 25% (250,000,000) is retained for sale to Walmart retailers. In total 1,000,000,000 WAL tokens are assigned. Purchasers from the presale will receive an email to claim their tokens within a few days.
Currently, Walmart has tied up with several cryptocurrency exchanges, such as Binance, Huobi, Poloniex and Bitfinex. Once the token distribution is complete, tokens will be available on the platforms. The payment system will also be used as a communications network to track produce, and including functions for the transfer and management of value through blockchain; which will in turn reduce transaction costs for all kinds of payment services.
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