Walmart wants to patent its own version of Facebook’s Libra

A recent patent filing hints that Walmart, the North American retailer could be developing its own U.S dollar-backed digital currency similar to Facebook’s forthcoming Libra cryptocurrency.

Walmart files a patent for “Digital Currency via Blockchain”

The patent numbered 20190236564 and named “System and Method for Digital Currency via Blockchain,” was published by the Patent and Trademark Office (USPTO) on August 1. The filing document outlines a method for:

“Generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a block of a blockchain; buying or paying the one digital currency unit.”

In the patent, Walmart goes into detail, stating that the proposed stablecoin project could provide a zero or low fee place for customers to store wealth. This wealth can be easily redeemed and converted into store credit at selected partners/retailers. Furthermore, these accounts could even yield interest, as per the filing.

Moreover, the planned cryptocurrency could also be developed so that it could be spent anywhere, the filing states. Moreover, possible backing by the U.S dollar could ultimately ensure easier deposits and withdrawals. In addition to this, the proposed digital currency could also be tied to other cryptocurrencies, as opposed to fiat currencies.

The age of the corporation as an alternative banking solution

In the filing, Walmart also proposes that the launch of the stablecoin could provide low-income households, which usually suffer at the behest of banking costs, “an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”

Dubbed the “blockchain-protected digital currency”, this service could further challenge obligatory banking institutions by eliminating the need for debit and credit cards:

“The digital currency may act as a pre-approved biometric […] credit. A person is the ‘credit card’ to their own digital value bank.”

Furthermore, Walmart also proposes that the scope of its planned digital currency could expand and fall under its wider blockchain-powered service ecosystem. Walmart envisions the creation of an “open-platform value exchange for purchases and for crowdsource work.”

Ultimately, this would allow customers the ability to purchase products or services for themselves, as well as others via the platform. They could use the platform to hire repairmen, associates or a designated shopper for any amount of time.

As reported by TSA, Facebook’s Libra project has seen some strong regulatory barriers. Facebook’s cryptocurrency is similar to Walmart’s patent in that its ultimate goal is to provide low-cost, borderless value transfer and build out a blockchain network.

Lastly, Walmart’s current blockchain-related projects have used the technology in various fields, including smart appliances, customer marketplace portals and supply chain management.