Walmart has long been known as a leader in supply chain management. However, its prowess could not insulate it from a problem plaguing the transportation industry for decades: vast data discrepancies in the invoice and payment process for freight carriers, which required costly reconciliation efforts and caused long payment delays. Then Walmart Canada pioneered a solution: It employed blockchain, a distributed-ledger technology, to create an automated system for managing invoices from and payments to its 70 third-party freight carriers.
How Walmart Canada Uses Blockchain to Solve Supply-Chain Challenges
The system has drastically reduced payment disputes with freight carriers.
January 05, 2022
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Summary.
Walmart Canada applied blockchain to solve a common logistics nightmare: payment disputes with its 70 third-party freight carriers. To solve the problem it built a blockchain network. The system has not only virtually eliminated the payments problem; it also has led to significant operational efficiencies. This article offers five lessons on how to create a blockchain network for improving business processes.