Mass Adoption Of Crypto: Walmart Considers Entering The Crypto Space
Crypto and blockchain adoption have been two of the most important goals for this year that the crypto industry has.
The truth is that there are a lot of moves that have been made in the crypto space which are leading towards the achievements of this considerable target.
Important names from various industries decided that it might be time to ride the wave of innovation rather than fight it, and they entered the crypto/blockchain space with various projects.
Now, according to the latest reports coming from the Daily Hodl, Walmart filed an application in order to patent a way to use digital currencies and blockchain technology.
Walmart to develop a stablecoin?
The online publication mentioned above notes that In an application submitted on January 29 and published on August 1, Walmart appears to be interested in developing a stablecoin that could potentially be tied to the US dollar.
The application mentions the way in which the digital asset could act as a substitute for banking, particularly for low-income households.
“Using a digital currency, low-income households that find banking expensive, may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”
A new technology, disruptive to legacy financial operations
Walmart sees the technology as being potentially disruptive to legacy financial operations.
“In some embodiments, the digital currency may remove credit and debit cards without requiring cash by offering a blockchain-protected digital currency. In some embodiments, the digital currency may act as a pre-approved biometric (e.g., fingerprint or eye pattern) credit. A person is the ‘credit card’ to their own digital value bank.”
More entities in the crypto space are working on projects that could disrupt the traditional financial sector.
We recommend that you read the complete application in order to better understand Walmart’s plans.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.