Estimated reading time: 2 minutes, 35 seconds
This episode of Blockchain Token – What is it? covers Waltonchain! In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more.
Waltonchain is a platform that specializes in tagging packing shipments via RFID technology. By putting the supply chain on the blockchain brings greater transparency to all involved parties. Check out how Waltonchain can use the blockchain to provide quality assurance in a transparent, secure way.
Waltonchain gets its name from Charlie Walton, inventor of Radio Frequency Identification, or RFID for short.
This technology is everywhere. It’s in your car, so when you pull in for service the mechanics already have important information that makes for a more efficient experience. It’s used in near-field communication and mobile billing. It’s one of those technologies that we take for granted because most of the time it is out of site, but it makes our life easier.
RFID is a tag that can be attached to a product, so it makes for a great supplement to supply chains. Bar codes have been used, but it take time to locate and scan. RFID-enabled shipments can be scanned automatically and instantly, just by entering the space where the frequency is being broadcast.
This technology is mainly used in a concept called IoT (Internet of Things). “Internet of Things” is basically based on the physical objects linking to the Internet. Physical objects can be imprinted onto a blockchain via RFID information.
Waltonchain is comprised of some of the elite minds from both China and Korea. It is both a blockchain project and a cryptocurrency exchanging under the handle of Walton Coin or WTC.
The main aim of the Waltonchain is to combine both RFID and blockchain technology to help manage supply chains. It decentralizes the supply chain and can provide real time updates to the status of shipments. This information can be restricted to the pertinent parties. The RFID reader is basically a node on the chain, while RFID tag is the device that is to be connected to the chain.
This information is in the child chains storage and later can merge with the master chain. The child chain aids in increasing the speed and encryption process due to the strain associated with the master nodes. Using the RFID and Waltonchain can not only drastically reduce the data costs associated with production, warehousing, inspection, shipping, and retail; but it can also help consumers find the source of the products they are consuming.
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