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 Yahoo Finance All Markets Summit that he believes cryptocurrencies will become a major disruptor to payments, and intends to position the company as the world’s largest by revenue.
To that end, Kumar said he is working to streamline the use of cryptocurrencies for customers, whom he said will eventually be able to use crypto at Walmart’s online store.
Walmart: Crypto Will Revolutionize Customer Engagement
Kumar, however, stressed that the emerging technology will not only revolutionize payments, but could also revolutionize the way customers interact with consumer products.
He mentioned the role that social media is playing in changing the buying habits of consumers. For example, many customers are drawn to the products offered by notable influencers through their live-streams.
With the advent of the metaverse, Kumar believes that cryptocurrencies could later help accelerate the trend that social media has started with regards to customer interactions, as consumers potentially migrate to the virtual space. Where crypto will supply cash.
In addition to cryptocurrencies, Kumar said the company could also use the underlying blockchain technology to improve customer experience as well as optimize its supply chain.
Walmart Brings Blockchain to the Supply Chain
These are some of the latest advancements Kumar has made at Walmart since becoming the company’s first CTO in 2019. In addition to setting up tech hubs in Atlanta and Toronto, as well as increasing the number of tech workforce to 5,000, Kumar has already introduced blockchain technology. In the company’s supply chain, that goes through a tracking system that it uses to source its products and products.
While the introduction of this technology went unnoticed, Walmart made headlines last year when it applied for a number of trademarks, potentially indicating its intention to sell its products virtually.
This has sparked speculation about the company’s further plans for the integration of digital assets, which seem to be rapidly coming to fruition.
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