Walmart Seeks to Patent a Way for Using Digital Cryptocurrency
(Bloomberg) -- Walmart Inc. appears be pondering whether to test waters in the world of cryptocurrencies, following the steps of Facebook Inc.
The retailing giant applied to patent a way to use a digital coin tied to a traditional fiat currency, which could allow for cheaper and faster transactions as well as loyalty features, according to a filing published Aug. 1 by the U.S. Patent and Trademark Office.
Even if approved, Bentonville, Arkansas-based Walmart doesn't appear close to launching a coin similar to Facebook's proposed Libra. Kory Lundberg, a spokesman for Walmart, wrote in an email that “we don't have any plans for this patent at this time.”
In the application, filed on Jan. 29 by Walmart Apollo LLC, the company said it wants to patent a method for creating a coin that runs and records transactions on a blockchain, a digital ledger akin to the one powering Bitcoin. It wants to overlay the transaction information with customer purchase history and savings.
Walmart has been at the forefront of adopting blockchain technology, and is already using blockchain for tracking produce along its supply chain. Other companies are looking at issuing digital coins instead of loyalty points, or at using tokens to facilitate transactions that are faster and cheaper than current payment systems.
Merchants have long sought out ways of reducing fees charged by payment networks like Visa Inc. and Mastercard Inc. Facebook's unveiling earlier this year of plans to create a digital coin for use for purchases of goods and services by users of its social network was met by a backlash from regulators and consumers over concerns about privacy and possible negative effects on the U.S. financial system.
Read More: Facebook Crypto Plan Draws Fresh Fury From House Democrats
To contact the reporter on this story: Olga Kharif in Portland at okharif@bloomberg.net
To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Rita Nazareth
©2019 Bloomberg L.P.
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
