Walmart, a giant name in retail has now applied for a cryptocurrency patent having similarities to Libra token which was proposed by Facebook.
In its application with Trademark Office and the U.S. Patent, Walmart touts the idea of an advanced money "attached to a normal cash" – that is, what's usually known as a stablecoin. Libra will be a token pegged to a bin of fiat monetary forms and government bonds, as per Facebook.
Moreover, it was also suggested by the filing that this proposed coin can help in providing finance for those who have very limited access to the services of banking. Facebook has many claims and one major claim is for Libra in the form of an effort for appealing to the public over the token.
“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,” Walmart states.
It is expected that this offering of Facebook will create a system where social media accounts could use Libra for payment purpose, so advertisers will be allowed to earn Libra. Additionally, it can be used in remittances time and many other use cases.
Even according to Walmart's filing, it also shows that these coins could have features for token which is being used in the ecosystem of a retail company:
“The digital currency may be pegged to the US dollar and available for use only at selected retailers or partners. In other embodiments, the digital currency is available for use anywhere. The digital currency can provide a fee-free, or fee-minimal place to store wealth that can be spent, for example, at retailers and, if needed, easily converted to cash.”
The application suggests that the Walmart Coin users can earn even interest. Moreover, this token would save the purchasing history of users on blockchain and then can apply related savings to loyalty points.
Other features suggested that it can eliminate the requirement for credit cards and will work on biometric credit, which should be approved earlier.
This token can be used to restrict some unique categories like to restrict minors from buying alcohol or cigarettes.
Walmart uses blockchain for tracking purpose but it can be used in various technology cases like connecting delivery drones. Walmart China introd
uced a scheme in June to improve the poor food safety record of the country. It can also be used in delivery fleets and power supply payments etc.