Tag: payment network

Walmart Canada Delves Deeper into Blockchain with DLT Labs Tie-Up

Walmart Canada has teamed up with DLT Labs for its blockchain-driven freight and payment network that is touted to be the world’s most prominent full production blockchain solution for any sector application. 

The new network will utilize distributed ledger technology to automate payments and reconciliation, authenticate transactions, and trail deliveries between Walmart Canada and the company’s carriers. These carriers usually deliver inventory to at least 400 retail stores in Canada yearly. 

Automation of Payment and Freight Data

The partnership is deemed fit because DL Asset Track, a supply chain platform by DLT Labs, will be used to automate payment and freight data. 

Through a shared ledger, the blockchain-powered network will synchronize, integrate, and manage all the logistics and supply chain data in real-time between Walmart Canada and third-party trucks. 

The framework also instigates real-time settlement, payments, and invoicing. 

Walmart Canada’s Senior Vice-President Logistics and Supply Chain, John Bayliss, asserted: “Blockchain is enabling a material advance in our smart transportation network, with expedited payments, extensive cost savings and other benefits among our supply chain. Moreover, this degree of improved efficiency represents a powerful platform for us to continue to reduce our environmental footprint and continue our leadership in environmental sustainability.”

Conversely, the CEO of DLT Labs, Loudon Owen, noted: “Walmart is a global leader in innovation, with a relentless focus on improving people’s lives, and DLT Labs™ is delighted to partner with such an extraordinary organization to bring the world’s first and largest blockchain solution for the industry into production. This proves the high value of blockchain and sets the stage to revolutionize supply chain management and logistics, due to its ability to enable secure information sharing, manage trust and reduce waste in multi-partner operational processes.”

It has been stipulated that this blockchain innovation was prompted by Walmart Canada’s urge for minimized costs so that the utility of its Canadian consumers could be maximized through low daily prices. 

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Ex-IMF Top Economist Shortlisted to Lead Roxe's CBDC Pursuit

Roxe Payment Network, a global payment service provider, has tapped the services of Andreas Jobst to lead its Central Bank Digital Currency (CBDC) initiative.

According to the announcement, Jobst will serve as Roxe’s Chief currency economist, bringing his broad experience as a former expert with the Internal Monetary Fund, the World Bank, and the Bermuda Monetary Authority.

Jobst’s role will involve charting innovative programs to bolster the onboarding of countries willing to tap into the firm’s infrastructure. Roxe has built a CBDC development platform that harnesses the features of the Bitcoin hashrate, providing an added layer of security when compared to the existing options being pursued by central banks around the world. 

The Roxe CBDC solution is notably targeted at countries with hyperinflation and looking to build either a primary or a secondary digital currency. Additionally, the company’s offering can also assist economies whose monetary system has been dollarized. This set of countries are notably subservient to the economic and financial policies that emanate from the American Federal Reserve Bank.

Building a functional CBDC through Roxe will entirely be dependent on the Bitcoin hashrate or computing power, and monetary policies will no longer be arbitrary. Many nations today are exploring the development of CBDCs. While the Central Bank of the Bahamas made history the first ever to launch a functional CBDC dubbed the Sand Dollar, other advanced economies, particularly the United States and the United Kingdom, are beginning to focus on this financial innovation.

China is also on track to launch its Digital Renminbi, a project in its advanced trial stages. As part of the Asian giant’s approach to testing the capabilities of the new legal tender, foreign athletes are bound to utilise it in one form or the other at the 2022 Beijing Winter Olympics. 

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