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Walmart Expands Blockchain Further Across Supply Chain

Walmart has become the latest big name brand to adopt blockchain, the technology behind Bitcoin, in its bid to improve standards for consumers.

Following initial successful trials within its global supply chain, the company has now committed to investigating new applications for blockchain, in partnership with IBM and Beijing’s Tsinghua University.

The news comes at a time when blockchain and Bitcoin are becoming increasingly mainstream, with an ever-growing list of start-ups, joint ventures and research projects backing the development of this technology.

The retail group initially trialled blockchain technology in a bid to improve safety standards on Chinese imported pork products, tracking shipping and product quality information from origin to delivery with impressive results.

Now, just weeks after the initial trial, the company is looking at new ways of implementing this technology in the future, with a number of applications in the works.

Walmart VP of Food Safety, Frank Yiannis, has already projected a number of additional opportunities for Walmart, as it continues to explore the benefits of utilizing blockchain throughout the business.

"We will immediately work to identify additional food products where we might utilize blockchain to enhance our ability to track and trace them...examples of the benefits could include safer food, enhanced consumer trust, enhanced flow to provide fresher products to customers, fresher and faster deliveries could reduce food waste in the home, and more."

Blockchain technology lies at the heart of Bitcoin, which continues to grow in popularity amongst consumers and big business alike. The secure, decentralized nature of the technology has piqued the interest of companies worldwide, particularly for online payments and supply chain tracking.

A popular option for individuals sending money securely online, the flexibility of the blockchain ledger system is now meeting increasingly interested audiences in the boardroom, as the corporate world switches on to the benefits of decentralisation.

The development of blockchain as a corporate technology comes at the same time as a rise in consciousness, with individuals and companies worldwide already actively trading through ledger systems and using Bitcoin to buy and sell online, as ever increasing numbers set up e-wallets and engage in Bitcoin exchange for the first time.