There are times when we see WOW moments almost daily in the world of cryptocurrencies and blockchain, and lately it’s felt like that to us here at FintekNews. Earlier this week, we posted a story on a $99 Million USD Ripple transaction that cost a mere 40 cents in transaction fees. Note to self – I don’t think the banking industry is going to like this new fee compression. They’ll be out of business faster than you can say “lickety split” if that is the new paradigm.
SO – today we see that Bloomberg is reporting that Walmart is now ready to start implementing their blockchain tracking protocol on food items. And guess what – this time it wasn’t fees that compressed, it was time, and as we all know…..TIME IS MONEY. Seems it used to take up to 6 days to track food items through their prior systems. New number – thanks to IBM blockchain – 2 seconds. YES – seconds. Let’s see – 6 days equals 51,840 seconds. So that’s a whole lotta less seconds.
Anyway, if you still think blockchain is not important to you, or your clients, better start thinking again. Even if Walmart is not a crypto exchange, they ARE using blockchain, and that kind of news can move a stock significantly. Keep current, my friends!
“Walmart Inc. is getting suppliers to put food on the blockchain to help reduce waste, better manage contamination cases and improve transparency.
The retailer, which started running tests with International Business Machines Corp.’s blockchain platform in 2016, is ready to use the technology on its live food business, according to Frank Yiannas, vice president of food safety and health. Yiannas spoke Monday at the MIT Technology Review’s Business of Blockchain conference in Cambridge, Massachusetts.
Yiannas said blockchain was able to cut the time it took to track produce to two seconds from six days.”
This article was provided by Bloomberg News.