TORONTO, November 15, 2019 / – Walmart Canada and DLT Labs ™ today announced the launch of Walmart Canada’s blockchain-based freight and payment network. It is the largest blockchain-based integral production solution ever used in an industrial setting. The new system uses distributed registry technology to track deliveries, verify transactions and automate payments and reconciliations between Walmart Canada and its carriers, who deliver inventory from more than 400 stores across Canada each year. All Carriers third of Walmart Canada should be in service from 1 st February 2020. The solution can be accessed via a web portal and an easy-to-use mobile application.
Walmart Canada has partnered with DLT Labs ™ to automate freight and payment data with DLT’s leading DL Asset Track ™ logistics platform. The new blockchain-based freight and payment network manages, integrates and synchronizes all supply chain and logistics data in real time, gathering data between Walmart Canada and its fleet of third-party trucks in a shared registry . The solution also automates the myriad of calculations required to enable real-time billing, payments and settlements. At the same time, it integrates seamlessly with existing enterprise systems, enabling them to continue to track their existing processes without the need for recycling or new technology investments.
John Bayliss, Walmart Canada’s Assistant General Manager, Logistics and Supply Chain, said, “Walmart Canada strives for efficiency in all of its operations, including supply chain and logistics management. . Our partner carriers transport more than 500,000 loads across the country, creating an impressive volume of transaction data. This dynamic and interactive blockchain-based technology platform creates seamless transparency between Walmart Canada and all of its carriers. “The blockchain has allowed us to significantly improve our intelligent transportation network, with faster payments, significant cost savings and other benefits for our supply chain. Moreover,
Loudon Owen , CEO of DLT Labs ™, said, “Walmart is a global leader in innovation that strives to make life better for people. DLT Labs ™ is delighted to have partnered with such an extraordinary company to implement the first and largest blockchain-based production solution ever used in an industrial setting. This shows the great interest of the blockchain and marks the beginning of a revolution in supply chain management and logistics through the platform’s ability to enable secure sharing of information, build trust and reduce waste in business processes involving multiple partners. “Just like the Latin expression” dictum meum pactum“(which means” my word is my commitment “) has been fundamental in the development of commerce, this product creates a secure digital handshake using the blockchain to renew trust and efficiency in global commerce”, a- he added.
The pilot project for this new blockchain-based freight and payment network was conducted with partner carrier Bison Transport. Rod Hendrickson , deputy chief financial officer at Bison Transport, said, “The best partners are those who find innovative ways to create solutions that benefit both parties. The blockchain project we worked on with Walmart and DLT Labs is simply a mutually beneficial solution that satisfies Bison Transport as well as Walmart Canada. This project introduces a new paradigm that will dramatically improve workflows, cut red tape and make our business with Walmart even more effective. ”
Walmart Canada’s distribution centers are hubs with more than 4,500 employees and drivers who transport thousands of items daily between sites in Calgary , Mississauga and Cornwall and its stores at the end of the day. to the other side of Canada. Walmart Canada operates an 813,000-million-square-meter distribution center and carries more than 853 million cases of merchandise annually. These goods are transported by a third party fleet and Walmart Canada’s own fleet of 180 semi-trailers, 2,000 trailers and more than 350 drivers. Each third-party semi-trailer tracks approximately 200 data points per trip. Automating the collection and management of this data using the blockchain can significantly reduce costs.
Walmart Canada strives to remain at the leading edge of intelligent transportation network development, as its efforts have already resulted in more efficient loading, routing and driving techniques, and improvements in the technology. energy efficiency with truck manufacturers. The interconnection of data between Walmart Canada and its carrier partners provides a platform to significantly improve operations, effective coordination and routing of deliveries, reduced losses and costs, and reconciliation. and automated processing of payments.
DIRECT BENEFITS OF THE FREIGHT AND PAYMENT SOLUTION
DEVELOPED BY WALMART CANADA AND DLT LABS ™
These advantages are possible thanks to the inherent characteristics of the blockchain technology which makes it possible to store shared, immutable and very verifiable data in a secure and shared register. There has long been talk of using blockchain technology in the industrial setting, but this is the first large-scale practical implementation and clearly demonstrates the significant benefits of the blockchain. In addition, this platform is used in an area that is critical to Walmart Canada’s supply chain business and has required the highest levels of security and testing.
As transport networks are increasingly interconnected and Internet of Things (IoT) computing devices are incorporated into products, a huge amount of data is generated and must be managed and integrated. This work is particularly difficult when it involves various parties in large companies in which information can be stored and used on different and fragmented operating systems. In a transportation network, for example, there are approximately 170 variable costs for each truck associated with data points, such as location system (GPS) data, contracts, shipments and accounting information. Although the benefits of interconnecting all parties are enormous, existing IT systems may fail to keep up with the need to manage all the information generated. Blockchain-based solutions help to overcome this problem.
Blockchain is a disruptive technology that solidifies a fragmented supply chain making it more accurate and visible while bringing internal as well as external efficiencies. Blockchain driven supply chain solutions are streamlining third-party logistics industry by making them transparent, eliminating the value leakages, and increasing cost savings. Panacea Infotech offers advanced blockchain solutions for your business to enhance transparency and security. Connect with supply chain experts from Katalyst Technologies, Panacea Infotech’s parent company, and leverage the potential of blockchain to reform your supply chain.