Crypto and blockchain are central to digital strategy
Walmart’s chief technology officer has said that crypto and blockchain technology will play a central role in the company’s upcoming digital strategy.
Walmart CTO Suresh Kumar told the Yahoo Finance All Markets Summit that he believes cryptocurrencies will be a major disruptor in payments, and intends to position the world’s largest company by revenue accordingly.
To that end, Kumar said he is working to streamline the use of cryptocurrencies for customers, who he said will eventually be able to use crypto in Walmart’s online stores.
Walmart: Crypto Will Revolutionize Customer Engagement
However, Kumar stressed that the new technology will not only revolutionize payments, but could also facilitate a change in the way customers interact with consumer products.
He went on to reference the role that social media has played in changing consumer shopping habits. For example, many customers have been attracted to products introduced by notable influencers through their live streams.
With the advent of the metaverse, Kumar believes cryptocurrencies could subsequently help accelerate the trend social media has initiated in terms of customer interaction, as consumers potentially migrate to virtual spaces, where crypto will replace cash.
In addition to cryptocurrencies, Kumar said the underlying blockchain technology can also be used by the company to improve the customer experience, as well as optimize the supply chain.
Walmart Brings Blockchain to Supply Chain
These are just some of the latest advancements that Kumar has brought to Walmart since becoming the company’s first CTO in 2019. In addition to establishing technology hubs in Atlanta and Toronto, as well as increasing its workforce by 5,000 technical employees, Kumar has already introduced blockchain technology into the company’s supply chain, which is based on a tracking system that it uses to source its products and products.
While the introduction of this technology went largely unnoticed, Walmart made headlines last year when it filed for several trademarks indicating its intention to potentially sell its products virtually.
This had raised speculation about the company’s further plans for the integration of digital assets, which increasingly appear to be coming to fruition.
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