Wallmart is starting to explore the crypto environment

While much of the world watches with interest as Bitcoin prices bounce up and down like a yo-yo, companies are busily trying to get into this space. In some cases it’s “boycotting” cryptocurrencies and watching your company die, in other cases it’s trying to harness the power of blockchain technology in retail.

Blockchain is the principle of distributed ledgers, thanks to which all cryptocurrencies exist. This is the key to the decentralization of cryptocurrencies, since this technology allows you to verify the owner without using the services of centralized systems or banks.

Although blockchain gained its greatest popularity thanks to cryptocurrencies, Wallmart now wants to use it to organize a payment system for suppliers and consumers. Wallmart describes the system in two patents filed last year and approved last Thursday:

“This shared payment system will automatically process payment for the total amount of services provided, automatically distribute payment between the parties providing the services, and payments will be encrypted and distributed using blockchain technology.”

Of course, Wallmart is not new to payment processing. They use a new payment protocol that was developed as a competitor to Apple Pay and other e-wallets called CurrentC. When paying using this system, you had to scan a QR code, and then the cashier had to scan the same code from your phone. This system is without a doubt terrible. 

Based on these two patents, there was hope that Wallmart had learned something from the failure of CurrentC. Instead of creating its own cryptocurrency for payment in its stores - which is a very stupid idea - the company apparently decided to use only the best part of the crypto environment - blockchain. 

According to http://bgr.com