Walmart CTO Says Crypto and Blockchain Will Take Center Stage in Digital Strategy

18 October 2022, 12:30 GMT+0000
Updated by Geraint Price
18 October 2022, 12:30 GMT+0000
In Brief
  • Walmart CTO Suresh Kumar said that cryptocurrencies will play a major role in disrupting payments.
  • He also believes that they will contribute to the ways consumer shopping habits have been changing, through social media and the metaverse.
  • Kumar has introduced a slew of technological innovations at the company since joining as its first CTO in 2019.
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The chief technology officer of Walmart has said that crypto and blockchain technology will play a central role in the company’s forthcoming digital strategy.

Walmart CTO Suresh Kumar told Yahoo Finance All Markets Summit that he believes cryptocurrencies will become a major disruptor in payments, and intends to position the world’s largest company by revenue accordingly.

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 stores.

Walmart: Crypto Will Revolutionize Customer Engagement

However, Kumar stressed that the emerging technology will not only revolutionize payments, but could also facilitate a change in the way customers interact with consumer products.

He proceeded to reference the role that social media has been playing in altering consumers’ shopping habits. For instance, many customers have been drawn to products introduced by notable influencers through their live-streams.

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With the advent of the metaverse, Kumar believes that cryptocurrencies could subsequently help accelerate the trend social media has initiated with regard to customer interaction, as consumers potentially migrate to virtual spaces, where crypto would supplant cash.

In addition to cryptocurrencies, Kumar said that the underlying blockchain technology could also be used by the company to improve customer experience, as well as optimize its supply chain.

Walmart Brings Blockchain to Supply Chain

These are just some of the latest advances that Kumar has brought to Walmart since becoming the company’s first CTO in 2019. In addition to establishing tech hubs in Atlanta and Toronto, as well as raising tech employee headcount by 5,000, Kumar has already introduced blockchain technology into the company’s supply chain, which undergirds a tracking system that it uses to source its produce and products.

While the introduction of this technology went virtually unnoticed, Walmart did make headlines last year, when it applied for several trademarks, indicating its intention to potentially sell its products virtually.

This had raised speculation as to the company’s further plans for the integration of digital assets, which increasingly seems to be coming to fruition.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.