Waltonchain is a new competitor in the blockchain based B2B supply chain industry, offering a proven technology to connect supply chains and smart technology. Using RFID (radio frequency identification) that is connected to their own blockchain, Waltonchain hopes to be the backbone of the new internet of things. It seeks to accomplish this by allowing instant and trustless data exchange through a decentralized infrastructure.
Waltonchain’s technology offers the ability to manage and streamline the management of supply chains using their unique child chain infrastructure. By using individually tailored and compatible side chains for each individual business, the ecosystem will be able to thrive by allowing cross chain communication and specific need based allocation of processing power.
In addition, they will utilize the use of a token to incentivize trust and participation among many businesses. The planned Waltonchain ecosystem will encompass everything from large clothing brands to smart cities, all interoperating while using their own unique blockchains and child chains connected to the main Waltonchain.
Big Industry Partnerships
Waltonchain is viewed as an exciting project to many cryptocurrency owners, and it quickly garnered a lot of attention due to big industry partnerships. On top of this, they have also already successful executed their own unique blockchain-friendly RFID technology. They have strategically made partnerships with popular Asian clothing brands in order to prove their product works, and they have successfully shown it functions correctly. The Waltonchain infrastructure has shown it is able to greatly increase the efficiency of supply chain management, and has poised itself to become a leader in the coming IoT revolution.
WTC Value, Market Cap, and Volume
Waltonchain has positioned itself as a leader in the cryptocurrency and token markets due to their highly skilled team and quick and effective implementation of a product, something most similar projects have failed to achieve. In just over 6 months, Waltonchain was able to reach a market cap of over $500 million with a trading value of over $20. The community is clearly excited about this project, but how does it work?
What is Waltonchain?
Motivated by the studies and inventions of the godfather of radio frequency identification (RFID) Charlie Watson, Waltonchain is an end-to-end supply chain solutions platform that is supported by blockchain technology. Unlike competitors such as VeChain, Waltonchain does not focus on extending its platform to adopt the coming dApp ecosystem. Instead, it is aiming to provide a well-functioning blockchain ecosystem that will help the internet of things become a reality.
RFID is widely used in modern society in credit card payments, mobile payments, data transfer, and now supply chain management in combination with blockchain technology. Experts have agreed that RFID has been a viable means of interoperability and communication between entities in the IoT, and Waltonchain has an early lead in this market.
Waltonchain is not simply aiming to help businesses with a smarter way to handle and trustlessly track their products from conception to birth. They are envisioning an ecosystem of businesses linked together through the blockchain that can seamlessly exchange data and information on a decentralized network. This type of network is required for smart city projects, a sector that Waltonchain is aiming to pioneer.
Smart Cities and RFID Technology
With smart cities, all objects would be tagged with an RFID sensor that transmits data and information to the parent chain. Businesses, parking meters, stop lights, buildings, and people can all transfer data and share information more efficiently than ever before, allowing for cities and all of their residents to operate smarter and bypass unnecessary middlemen and red tape.
RFID tags have been shown to be much more effective than the traditional barcode technology, as they do not require the line of sight for scanning and receiving information. RFID works by attaching data to a specific radio frequency that can be easily transmitted and received across great distances without needing a direct line of sight. When there are multiple physical objects that are tagged and pegged to a common blockchain, as there would be in a smart home or smart city, the communication between these entities needs to be quick and efficient in order for an ecosystem to thrive and benefit from the use of a decentralized database.
For example, an RFID is created for every product in a particular supply chain, and data concerning it is then stored on the blockchain. This particular data can be easily accessed during warehousing as well as throughout the transportation and sales processes. These RFID’s and the associated data can be utilized to keep track of the products life cycle in the store, while at the same time keeping track of clients’ habits and their distinctive preferences. In turn, this direct access to a decentralized hub as well the implementation of AI and big data processing can greatly streamline manufacturing processes and maximize efficiency, allowing businesses to work smarter, not harder.
Child Chain Technology
One of the distinguishing factors that has propelled Waltonchain to the forefront of the space is their adoption of sidechain functionality, and the development of their unique child chain technology. In order for Waltonchain to support multiple ecosystems of smart cities and smart organizations, they understood the need for both interoperability and customization. While each of these setups would be similar, they would all have unique characteristics that need specific features.
So, Waltonchain created child chains that could be made specifically for each organization that connects to their ecosystem. These side chains deload the network for scalability and allow for communication between both each other and the main Walton blockchain. This technology is important because it would allow not only for smart cities to function at peak efficiency due to the pliable nature of each child chain, but it also would allow for smart cities to easily communicate. On a decentralized blockchain, this would make data transfer, business deals, commerce, and more much easier due to the many benefits blockchain offers.
At the core of the Waltonchain infrastructure lies their digital coin, the Waltoncoin (WTC). This coin is essential for the proper functioning of the platform, as it is what is used to moderate and monetize the communication between chains. The coin’s most important functions are the issuance of sub-chains to partners, credit and mortgages applications, and a decentralized exchange. In order for chains to communicate with each other, WTC must be exchanged.
The creation of each chain and its activity will result in the need for WTC and its use. As the ecosystem continues to grow, these businesses and platforms will expend a growing amount of WTC to create all kinds of child chains. Thus, the demand for WTC will rise according to the continued adoption of the technology. With a fixed supply 100 million coins, this will result in the value to continue to rise.
Waltonchain is a big project with even bigger aspirations. Smart cities are a massive undertaking that require rock solid scalability and infrastructure. Waltonchain has shown that they can use RFID to completely renovate the supply chain processes for retail giants and allow them to function more cheaply and more efficiently. The future of Waltonchain looks bright, as China has already begun the planning for over 7 smart cities throughout their country. If Waltonchain can maintain their product and definitively prove that they can scale and provide the immense back end of a smart city, then they will be poised to become one of the technological leaders of the near future.