A secure decentralized platform would provide consumers more protection against potential data breaches by barring third-party access

As a large number of purchases have moved online, many companies have had to deal with customer data breaches. One of the most effective ways of protecting purchasers' information is by storing it on the blockchain. According to patent applications, retail giant Walmart is the next to consider this application of the technology.

The company applied for two patents that would allow it to create its own blockchain system. The system would aim to prevent fraud by barring third-parties from accessing consumer information, instead having the payments be received by one or more vendors, dependent upon what services were provided and who provided them.

Data breaches can cost both the retailer and the consumer money. In addition, the breaches can erode the trust that customers have in the brands. Accordingly, Walmart hopes that moving purchasing data onto a secure decentralized platform could help to improve the digital shopping experience and allow its customers peace of mind.

Walmart

As a large number of purchases have moved online, many companies have had to deal with customer data breaches. One of the most effective ways of protecting purchasers' information is by storing it on the blockchain. According to patent applications, retail giant Walmart is the next to consider this application of the technology.

The company applied for two patents that would allow it to create its own blockchain system. The system would aim to prevent fraud by barring third-parties from accessing consumer information, instead having the payments be received by one or more vendors, dependent upon what services were provided and who provided them.