Look out Facebook, retail giant Walmart filed for a patent for a “System and Method for digital currency via blockchain” back in January, 2019. In essence, they have proposed their very own stablecoin. The abstract of the patent application states that the method of their digital currency will be equal to a regular currency, specifically the U.S. Dollar.
The method behind this digital currency is blockchain technology that will allow overlaying the digital currency unit with a customer’s purchase history which could also calculate savings and potentially apply those savings to the customer purchases, and to use its cryptocurrency for the purchase of physical goods and services.
Interestingly enough, Walmart’s stablecoin tries to address issues of low-income families and argues how cryptocurrency can help them. From the patent application reads the following:
Using a digital currency, low-income households that find banking expensive, may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.
This invention may provide an open-platform value exchange for purchases and for crowd source work. Customers may buy products for their households and may also buy products for others, deliver products to others, do crowd source work, for example, be a repair technician for a few hours, an associate for a few hours, a designated shopper. This digital currency ecosystem can be paired with a work board where customers, crowd source prospects, and others can post requests and offers for work.
It further expands to say that many low-income households where carrying cash or getting credit can be a problem, especially if they are unbanked or underserved by financial institutions and living paycheck to paycheck, they could utilize digital currency to overcome some of these challenges.
The idea for this patented digital currency is to also potentially make credit and debit cards obsolete by offering a blockchain-protected digital currency that could use pre-approved biometrics credit like an eye patter or fingerprint, which essentially makes the person their “own ‘credit card’ to their own digital value bank.”
Walmart is still quite new to blockchain technology. Back in June 2019, Crypto Trader News reported that Walmart and VeChain combined forces in a strategic partnership to track the quality and safety of food, and help assess and implement efficiencies in logistics from tracking and shipping to product and pharmaceutical provenance.
– This article was originally posted at CryptoTraderNews
About CryptoCurrencyWire (“CCW”)
CryptoCurrencyWire (CCW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with CCW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness.
To receive instant SMS alerts, text CRYPTO to 888-902-4192 (U.S. Mobile Phones Only)
CryptoCurrencyNewsWire is where News, content and information converge via Crypto.
For more information, please visit https://www.cryptocurrencywire.com
Please see full terms of use and disclaimers on the CryptoCurrencyWire (CCW) website applicable to all content provided by CCW, wherever published or re-published: http://CCW.fm/Disclaimer
CryptoCurrencyWire (CCW)
New York, New York
www.cryptocurrencywire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com
This article contains Third-Party Content submitted by third parties, including articles submitted through the CCW Premium Partnership Program. All opinions, statements and representations expressed by such third parties are theirs alone and do not express or represent the views and opinions of CCW or its affiliates and owners. Content created by third parties is the sole responsibility of such third parties, and CCW does not endorse, guarantee or make representations concerning the accuracy and completeness of all third-party content. You acknowledge that by CCW providing you with this internet portal that makes accessible to you the ability to view third-party content through the CCW site, CCW does not undertake any obligation to you as a reader of such content or assume any liability relating to such third-party content. CCW expressly disclaims liability relating to such third-party content. CCW and its members, affiliates, successors, assigns, officers, directors, and partners assume no responsibility or liability that may arise from the third-party content, including, but not limited to, responsibility or liability for claims for defamation, libel, slander, infringement, invasion of privacy and publicity rights, fraud, or misrepresentation, or an private right of action under the federal securities laws of the United States or common law. Notwithstanding the foregoing, CCW reserves the right to remove third-party content at any time in its sole discretion.
