By On August 2nd, 2019, retail giant Walmart introduced a cryptocurrency patent that has some similarities to ‘Libra,’ the digital currency proposed by Facebook in June.
The digital currency will be backed by fiat and will be “tied to regular currency,” Walmart has said in its application with the U.S. Patent and Trademark office. This is the same as Libra, which will be a token associated with a basket of fiat currencies and government bonds, in regards to Facebook.
The Coin Would Provide a Cheap Way of Life
In essence, the filling proposes that the coin could aid in the provision of a cheap and inexpensive way for consumers to pay and provide access to banking services, one of the most significant selling point for Facebook’s Libra and to appeal to the masses and regulators over the token.
Walmart states that: “making use of a digital currency, low-earning households that find banking costs hard to bear, may have a good way to handle wealth at an institution that can supply the majority of their daily financial and product needs.”
Facebook is expected to come up with a system that would allow the platform to use Libra for payments. This move would authorize advertisers to gain Libra and to pay for other services offered by Facebook.
It is also indicated in Walmart’s feature that the token could be used within the system of a fast-moving retail company.
The Disparities Between the Two Coins
A difference to note in the two tokens is that “Walmart coin” would eventually “even earn interest” the application demonstrates. Interest earned with Libra in the vast reserves would go into the digital assets’ associates that hold the company to the tune of close to $10 million.
Walmart says its token would store users buying records on the blockchain. Walmart will eventually add these records to related savings to their future purchases as a way of earning loyalty points.
The Credit Card Plans on Doing Away with Credit Cards
Another advantage is that the feature promises to do away with credit cards and come up with a system that will act as a “pre-approved biometric (e.g., fingerprint or eye pattern) credit.”
“A person is the ‘credit card’ to their digital value bank,” the firm says.
An additional feature that promises to be attractive about this coin is that it will restrict which class of product can be bought and who bought it. This will prevent underage minors from purchasing R-rated videos, cigarettes, or alcohol.
Blockchain is already being used by Walmart to track products such as pharmaceuticals and fresh greens. Investigations on the use of the technology have been going on, for instance, connecting the automated delivery drones.
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