Walmart Canada has teamed up with Toronto-based blockchain technology provider DLT Labs to launch a blockchain-based freight and payment network.
The companies describe the solution as the “first enterprise full production blockchain solution launched at a large scale for a mission-critical function to date.” Based on DLT's own supply chain platform “DL Asset Track,” it enables collaboration and information sharing with 70 third-party trucking companies that transport inventory for Walmart Canada nationally.
The new system uses distributed ledger technology to track deliveries, verify transactions and automate payments and reconciliation among Walmart Canada and its carriers which deliver inventory to over 400 retail stores across Canada annually. The network manages, integrates and synchronizes all 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 automates a vast number of calculations, enabling real-time invoicing, payments and settlement. At the same time, it integrates with each company's legacy systems, so that organizations can continue to follow existing processes without retraining or a new investment in technology.
Bison Transport was the carrier partner in the pilot test of the new system. All Walmart Canada's third-party carriers are scheduled to be live by February 1, 2020. The system is accessible using a web portal and a mobile application.
Image: DLT Labs