Earlier, a patent for a system and method particularly for digital coins via Blockchain has been filed by the Walmart company.
On developing its own digital coins, the major US corporation said they are in the process of organizing and creating progresses.
Meanwhile, according to the patent application, the ones fixed with a regular currency are likely to be a stable coin.
The patent application requires the digital coins to be secured on the Blockchain. In addition, the coin can be used for payments and shopping.
The Libra cryptocurrency of Facebook is also at work with its partners for enhancement.
According to news report, the USD supported Walmart, which has won a patent for a stable digital coin this week.
Features of the two emerging digital coins known to be Facebook’s Libra and Walmart’s coin are very similar. The two cryptocurrencies are assembled and formed for low-income families.
Moreover, Walmart coins may be utilized by users who struggle to have an access at banks.
A purchase history of the customer with documentations is also offered by the patent application.
The credit balance can be used for consumptions. It should also be possible for a record of the customer.
Walmart Will Give Access for Non-Bank Account Users
Walmart Coin may perhaps be offered to customers who do not have a bank account.
In the future, Walmart is seen to expand as a one-stop shop containing not only the complete purchase but also the financial status of the customers.
An alternative was given to people without bank accounts. The access was offered and arranged by Facebook’s Libra. The two companies will have the same situation and will be competitors.
Walmart stated, “With the digital currency, low-income households that find banks too expensive could find an alternative at an institution that can cover most of their daily needs.”
The two coins are very different from each other. In the USA, Walmart’s will be grounding fixed with the US dollar.
On the other side, Libra will be grounding in Switzerland. Assets that have low volatility, very much alike to other major stable currencies around the world, will be fixed with the coin.
COMMENTS