What is Waltonchain?
Waltonchain combines blockchain and RFID technology to enhance supply chain logistics. RFID technology will ultimately replace the barcode as the main tool for supply chain management. The project was name after Charlie Walton who was the creator of RFID technology.
What is RFID?
RFID stands for Radio-Frequency Identification. The technology uses radio waves to transmit data on a tag attached to an object. The RFID chip sends information about the product to a receiver. It also enables each item to have its own unique number used for tracking (similar to a barcode). The RFID chip can be read by the receiver from up to 1,500 feet or more. The item does not need to be in direct line of site of the reader.
What is the Problem that Waltonchain solves?
Data is the most important tool a business can use to guide decisions. On the internet, business owners can easily collect data about their customers. By installing google analytics, e-commerce sites can analyze how their customers behave online. This helps business owners improve the customer experience and therefor their profitability. The problem is that there is no way to collect data on physical products. This is a significant disadvantage that retail businesses face.
The other problem is that supply chain logistics can be very complicated. As of now, businesses are using barcodes to track inventory. This requires a great deal of labor and can lead to many inefficiencies. Global trade and supply chains are becoming increasingly complex and business owners need a new tool that can help simplify their processes.
By combining RFID chips with blockchain technology, Waltonchain has the potential to revolutionize the way data is transmitted and stored. For example, let’s say you walked into a store and picked a shirt off the rack. The RFID chip could recognize that you did this and register how long you looked at it for. This could help designers and retailers by providing them the data they need to better understand their customers. This is just one example of the many different types of data that RFID technology can transmit. Waltonchain is starting in the retail clothing industry but has the potential to branch out into luxury goods, food safety, cold chain logistics, logistics, agriculture, healthcare and more.
Waltonchain has a competitive advantage over their competitors because they manufacture their own RFID chips and are able produce their chips for $.05 per chip. Price efficiency is necessary for mass adoption.
To see Waltonchain in action check out this product demo that was done for Boxmining.
Waltonchain’s blockchain is based on Ethereum and Dash (Smart contracts and POW X11). However, it is unique because it is split up into parent and child chain’s. This design allows different industries, businesses, or store locations to set up their own child chain in order to customize their specific needs, such as varying their data privacy. There can be unlimited number of child chains which allows for a more scalable blockchain.
The Waltonchain team is made up of blockchain, internet of things and RFID specialists. The team members have strong backgrounds and seem capable of achieving their goals.
Purpose of the Token
The WTC token is native to the Waltonchain ecosystem. It can be used to execute smart contracts, transfer data, cross chain transactions, governance, fees on chain and more. Possibly the best use case is the fact that the token is required to set up child chains. If you want to learn more about the different use cases, please read the whitepaper.
One of the negatives of Waltonchain is that they have had some negative PR issues. For example, the team rewarded its own employee in a public giveaway and accidently announced the victory from the Waltonchain official twitter.
The Big Picture: One Belt One Road
Waltonchain is setting itself up to potentially be the technology provider for the One Belt and One Road Initiative. This is a trade and infrastructure network proposed by the Chinese government with $900 billion dollars of planned investments. In short, Waltonchain has government level partnerships with the Fujian Province, which is to become the core area of the 21st Century Maritime Silk Road.
Walton has secured many partnerships which leads this author to believe that Walton will become the main technology provider for the biggest transcontinental trade route in history.
Waltonchain addresses the major issues that plague the current state of supply chains. Their unique blockchain design, RFID experience and government level partnerships put them in a very unique position to succeed. However, this project could take years to complete and may be speculative because widespread adoption is yet to be seen. Waltonchain also has some very serious competitors such as VeChain. It is still unclear if items need to be put on a public blockchain or if big companies will simply make their own private blockchains. Either way, Waltonchain has established themselves as a leader in the supply chain space. We are excited to see new developments from this project.