Walmart Canada has launched a blockchain-based freight and payment network with DLT Labs.
The new system uses distributed ledger technology to track deliveries, verify transactions, and automate payments and reconciliation among Walmart Canada and third-party carriers that deliver inventory to over 400 retail stores across Canada annually.
The solution is accessible using a web portal and an easy-to-use mobile application.
Walmart Canada partnered with DLT Labs to automate freight and payment data using DLT's supply chain platform DL Asset Track. The freight and payment network manages, integrates and synchronizes all the 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 retraining or a new investment in technology.
This innovation arose from Walmart Canada's continued focus on reducing costs to ensure the lowest everyday prices for Canadian consumers.
Walmart Canada’s distribution centers contain more than 4,500 associates and drivers moving thousands of items daily from sites located in Calgary, Mississauga and Cornwall to stores from coast to coast across Canada.
Walmart Canada operates 8.75 million square feet of distribution centers and moves more than 853 million cases of merchandise annually. These goods are transported by a combination of third-party fleet as well as Walmart Canada's own fleet of 180 tractors, 2,000 trailers and more than 350 drivers.
Each third-party trailer tracks about 200 data points per shipment. Automating this data collection and management using blockchain results in a significant cost-savings.
“Our carrier partners move over 500,000 loads of inventory nationally, which creates an extraordinary volume of transaction data,” said John Bayliss, senior vice president, logistics and supply chain, Walmart Canada. “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.”
DLT Labs CEO Loudon Owen said:
“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.”