Similar to Facebook’s Libra cryptocurrency, A new patent filing suggests that United States retail giant Walmart may be developing its own U.S. dollar-backed digital currency. Walmart filed patent for Digital Currency via Blockchain.
Patent filing number 20190236564, “System and Method for Digital Currency via Blockchain,” was published by the U.S. Patent and Trademark Office (USPTO) on Aug. 1. The 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.”
Walmart continues to outline that the proposed digital currency project can provide a zero – or low-fee place for users to store wealth, one that can easily be redeemed and converted to store cash at selected retailers or partners. Such accounts could even be interest-bearing, the filing adds.
Early on in the filing, Walmart proposes that the launch of its digital currency could provide low-income households, for whom banking is costly, with “an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”
“The digital currency may act as a pre-approved biometric credit. A person is the ‘credit card’ to their own digital value bank.”
This would allow customers to buy products or services for themselves and for others — using the platform to hire a technician for repairs, an associate or a designated shopper for a given amount of time.