Walmart Files Patent Application Targeting Cryptocurrency
With the filing of a new Patent Application emphasizing Walmart currency, retailer Walmart becomes the latest entity to step into the world of cryptocurrencies. It looks like the retail giant is also considering a high-profile invasion into the arena of stablecoins with a fiat-pledged cryptocurrency. According to the filing published by the U.S. Patent and Trademark Office on 1st August 2019, Walmart applied to patent a way for using digital coins tied to the traditional fiat currency, which could allow cheaper and faster transactions as well as reliability. In the patent application filed, Walmart Apollo describes that the currency which will get built on the system based on the blockchain could provide a fee-minimal or fee-free place to store wealth. This wealth could easily be converted to cash or spent at retailers. Walmart added that in some cases, the digital currency could also remove the need for debit or credit cards with a person himself being a credit card to his digital value bank. It further claimed that the invention could provide an open-platform value exchange for purchases and crowdsourcing work. Besides, the retailer proposed that the invention could store the customers’ purchasing history, thus providing savings on frequent purchases.