Waltonchain (WTC): Putting commercial data on the Blockchain
I first heard about Waltonchain (WTC) way back in 2017 on the NEO subreddit of all places. I admit that I didn’t pay much attention to it initially, which I began to regret very soon. In a few months after launching, the project achieved a lot of success and has been on my watchlist ever since. Recently, I decided to take a more in-depth look into WTC to see what’s been up with the project. So, let’s dive in… but first, let’s take a look at how has WTC been performing in the crypto markets.
Waltonchain (WTC) was launched on Huobi Pro on July 12, 2018, with both WTC/BTC and WTC/ETH trading pairs currently available. WTC is a Top 50 coin, with a ranking of 48 on coinmarketcap. At the time of this writing, WTC is trading at 7.54 USD with a 24H Trading Volume of 3174014 WTC and a Total Supply of 70,000,000 WTC on Huobi Pro. also You can sign up on Huobi Pro to trade WTC.
Overview
The efficiencies of blockchain technology can and is changing the face of modern business. From the internet to payments, to shipping, to car rentals even, blockchain technology is revolutionising and taking over the world. This is true even in the Supply Chain sector, and Waltonchain in leading the way.
Waltonchain creates a management system for supply chains by combining the powers of blockchain technology with IoT technology (RFID, to be precise).
Logistics technologies and systems are highly complex and involve multiple parties. With scale, it becomes difficult for organisations to coordinate with each other. The difference in processes and functionalities between individual entities also impedes data transferability.
Using RFID identification technology, Waltonchain can keep track of products at every step of production and distribution. The data is then collected and stored in order to ensure accuracy and security. This storage takes place on an immutable blockchain which makes it all the more secure, trustable and tamper-proof. This collection and storage take place at each step which ensures complete accuracy. In addition to this, the data is reliable, immutable, and timestamped which ensures that the business ecosystem can be established with integrity and reliability. This also helps altogether eliminate human error and minimised the possibility of data tampering.
Value Internet of Things (VIoT)
RFID chips combined with blockchain technology is what Waltonchain refers to as the ‘Value Internet of Things’. Through the benefits of this combination, digital as well as physical items can be stored using RFID tags. As RFID tags use electromagnetic fields to track and detect items, they have massive use cases in areas like retail, clothing, inventory management, libraries, stores, etc.
A simple scan of the RFID tag of a product provides a user with all the information they need and enable them to make more informed choices. It can give you information regarding the type of product, it’s location, who is processing it, as well as all other relevant data which is stored on-chain using RFID devices. This creates safety and security like never before and far more efficient business ecosystems.
Here’s a neat little video on Waltonchain: https://www.waltonchain.org/templets/default/v/wtc_en.mp4
Benefits of VIoT:
The benefits of VIoT aren’t limited to just information. There are a wide variety of ways in which this technology can prove to be beneficial:
Improved security through blockchain technology
Anti-counterfeiting through RFID identification
Decentralization without the need for trust
Reduced labour costs
Accurate tracking of a product back to its origin
And many more benefits yet to be tapped into and realised.
Sub Chains:
In the Waltonchain ecosystem, Waltonchain is merely the name of the parent chain. This is the chain that is responsible for key blockchain functions such as transaction tracking, managing sub chains, executing smart contracts, and a host of other primary functions.
Using Waltonchain, it is possible for users to create their own sub chain. This makes it possible for users to even have their own tokens as well as gives them the power to elect to have a consensus algorithm that differs from the parent chain. There are some great advantages to using subchains. For starters, it enables each business using Waltonchain to customise a blockchain that’s tailor-made to suit the specific needs of the business. Sub chains also pave the way to enhance performance as the network scales. The on-chain activity won’t bog down the network and reduce functionality as the majority of the data resides on the sub chain. To sum up, sub chains can pave the way to functionality like never before.
Waltonchain’s Main Functions:
WTC is the main currency used on the Waltonchain network. There will be a total supply of 100 million WTC with 70 million WTC currently in circulation. The remaining 30 million WTC will be minted over the next few years.
WTC’s main functions include issuing sub chains, distributed asset exchange, dividend interest, credit and mortgage system, distributed voting and governance system, decentralized exchange.
Having said that, I believe that the ultimate goal of Waltonchain is to create a business ecosystem integrating blockchain with IoT. Based on the cutting-edge blockchain + IoT technologies and solutions, through implementation in various industry sectors.
Possible Use Case?
One key industry I feel that Waltonchain has the ability to transform is the Retail sector.
Waltonchain’s RFID blockchain technology can help improve customer experience and store management efficiency in say, a clothing store, by utilising a big data blockchain cloud platform and customised smart terminals.
Using this technology, a smart terminal management in each store can be set up to help store the data related to the store merchandise.
In addition to this, it will also automatically load it to the blockchain, and provide real-time operation and consumer behaviour data analysis.
The technology can be widely used in various areas of Retail, such as smart stores, unmanned shops, smart manufacturing and smart warehousing, etc.
I believe that Waltonchain has the ability to make big strides in this space with its innovative technology and change the game forever.
Final Verdict - To Invest Or Not To Invest?
I feel that Waltonchain in a company with massive potential because of ability to disrupt a range of businesses - from retail to transport to delivery the possibilities are truly endless. In addition to this, the company already has several substantial partnerships with government entities and private-sector companies.
Waltonchain also provides enterprise businesses with the technology to create their own sub chain and benefit from the Walton parent chain. This is another key factor which I believe will contribute to its success.
It is important to mention here that I although I am currently not invested in Waltonchain, I am looking to make a position for about 5% of my portfolio in WTC. I have been invested in the project in 2017 but have sold my position since. I leave it up to you to take your calls based on the information you’ve received and knowledge you’ve gained from my article. I also advise, and this too is my personal opinion, that if you do choose to invest make sure it’s not more than 5% of your portfolio. You can make an investment in WTC by signing up on Huobi Pro where it is currently listed and purchasing WTC tokens there.
Disclaimer: This is not financial advice. I encourage you to always do your own research and make an educated decision for any investments you may make.
Thanks for reading my article and do leave feedback in the comments section, and upvote and resteem if you liked it or found it helpful.
Cheers!
You can find more information on Waltonchain here:
Website: https://www.waltonchain.org/
Whitepaper: https://www.waltonchain.org/templets/default/doc/Waltonchain-whitepaper_EN_20180525.pdf
Reddit: https://www.reddit.com/r/waltonchain/
Telegram: https://t.me/waltonchain_en
Twitter: https://twitter.com/Waltonchain
Huobi Pro Official Community and Social Media Channels:
Website: huobi.pro
Facebook: https://www.facebook.com/huobipro/
Twitter: https://www.twitter.com/Huobi_Pro
Instagram: https://www.instagram.com/huobipro/
YouTube: https://www.youtube.com/Huobipro
Medium: https://medium.com/@huobipro
