Waltonchain (WTC) is a project launched to combine Blockchain technology and RFID (Radio Frequency Identification) technology to improve the management of organizations’ supply chains. Waltonchain also aims to integrate blockchain technology and Internet of Things (IoT) to create a decentralized ecosystem of connectivity that Waltonchain calls Value Internet of Things (VIoT).
Incorporating the name Walton, the inventor of RFID technology, and the blockchain less serverless encryption security system, Waltonchain intends to introduce the physical assets of a supply chain into the blockchain. This is done by providing a complete and upstream data system of any asset through a decentralized network. The Waltonchain project was established on November 30, 2016, based in Xiamen City, China.
How does Waltonchain work?
Value Internet of Things (VIoT)
The proposed idea is to apply blockchain technology to IoT and to connect devices to the Internet through RFID technology. The implementation of Value Internet of Things creates an entirely new business network, extending blockchain technology from the Internet to the Internet of Things, thereby building an accurate, reliable, easy-to-follow ecosystem with Data systems are widely shared and transparent. The Walton project includes the Waltonchain software system, the Walton protocol and the Walton coin (WTC).
Waltonchain and sub-chains
Waltonchain is the name of the parent chain in the Walton ecosystem. This chain tracks Waltoncoin (WTC) transactions, manages subchain and executes smart contracts, and a few other things.
Anyone using Waltonchain technology can create their own sub-chains and tokens. Alternatively, they may choose to have a different consensus algorithm than the parent chain.
Team
Waltonchain owns a professional, powerful and diverse team such as engineering, business development, retail operations …
Here are the first two project development characters:
Do Sanghyuk: The project initiator in Korea. He is currently the Chairman of China – Korea Cultural Development Committee and Director of the Korean Manufacturing Standards Association.
Xu Fangcheng: The project initiator in China. He is a former Supply Chain Manager at Septowves Group. He currently holds the position of Director of Shenzhen Silicon and is currently the Chairman of Quanzhou Silicon Board.
Pros and cons
Advantages:
- Experienced team
- Research/training platform affiliated with many famous Chinese and Korean universities
- Physical products help verify results
- Industrial connection especially clothing technology in China (thanks to previous work experience)
- Good interoperability
Disadvantages:
- Information about the project is incomplete and unclear
- Blockchain has not been tested, is currently under development
- Website with typos (fixed)
Conclusion
Waltonchain is a solid project with a team of more than 20 experienced members. The company has had some significant partnerships with government organizations and private sector companies.
More than just a supply chain platform, Waltonchain provides technology businesses to create their own sub-chains and benefit from Walton’s parent chain.
While not currently valued as a competitor, Waltonchain seems poised to make a breakthrough in the next few years with its ambitious partnerships and development roadmap.
You can check WTC price here.
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