Waltonchain is a blockchain platform meant to streamline supply chain management by installing patent protected RFID chips onto different goods and tracking the movement/enabling transactions of those goods via their blockchain.
Consensus Mechanism and Important Features
Waltonchain’s blockchain includes a Proof of Stake and Trust mechanism. This is essentially a proof of stake where validators get rated on their performance. This is an additional mechanism to ensure that validators do not act maliciously.
The project also uses sidechains. In addition to the security benefits of sidechains, customers can pay for goods in the tokens generated by the dapp running on each sidechain. Customers will be able to pay for goods using waltonchain’s coins. Payment for all the computing required to run this system will be called byte fees (the same as gas on the ethereum network).
The company claims their RFID technology outperforms the current state of the art technology. Currently, RFID technology enables manufacturers to ensure that goods paid for actually end up in their warehouses. Waltonchain technology does this as well as allowing for greater broadcasting of RFID signals. This will make it possible for companies to automatically scan large inventory sets as they’re being moved into a warehouse or any other storage framework. A large RFID scanner will be able to scan and track inventory as it moves into the storage facility or retail facility and update that information to the blockchain.
Because the position of the RFID chip is consistently broadcasted to the network this blockchain allows companies to track the position of their goods in real time. Therefore, the manufacturers can track not only the presence of the inventory in their warehouse, they will also track be able to track where the inventory is stored in real time. Retailers can also track how customers are interacting with the products. Companies can use this data to optimize how they store their goods, understand how customers react to different kinds of goods etc.
Another use case is optimizing customizable manufacturing. Imagine taking an order online from a customer looking for clothing with very specific parameters. Presumably, it would take awhile to match the different parts of the customizable orders in order to create what the customer wants. With Waltonchain, because the network will be able to track the position of all the different clothing parts in real time, with automated manufacturing, it will be easier to identify the position of the constituent parts and assemble them in the most efficient way possible. Along with analyzing the efficiency of different permutations of organizing the inventory, the manufacturers will also be able to optimize storage so this process can become even more streamlined.
Waltonchain also plans to build a decentralized asset exchange. So people holding tokenized assets representing the value of different inventory groups and traders may speculate on the value of the assets of any companies on Waltonchain. Presumably, companies in similar industries will be able to exchange assets on the Waltonchain effectively. Excesses in inventory could be exchanged for other assets that manufacturers might find mutually beneficial to exchange.