Waltonchain (WTC) is a blockchain platform that is tightly integrating hardware like RFID chips into its business model for the benefit of industries such as fashion retail, food and beverage, and general supply chain businesses. Named after Charlie Walton, the inventor of RFID chips, the project was founded in 2016 by Do Sanghyuk and Xu Fangcheng, on the fifth anniversary of Walton’s death.
Waltonchain uses RFID chips along with blockchain technology to, as the team describes it, “to create a unique combination of blockchain and the Internet of Things (IoT)”. Waltonchain’s cross-chain ecosystem means that merchants and other entities who have created sidechains, integrated with the RFID hardware, can communicate with other side chains. The network uses a unique consensus mechanism called Waltonchain Proof-of-Contribution (WPoC). It is a combination of Proof-of-Work, Proof-of-Stake and Proof-of-Labor.
Waltonchain’s target industries and use cases include production, logistics, warehousing, sales, and the liquor, pharmaceutical and clothing industries. Numerous pilot projects have already been conducted.
Details are scarce on the precise areas of development that Waltonchain is focusing through to 2020. However, it is known that Waltonchain will be spending much of 2019 first testing Blockchain RFID tags, before starting mass production later in the year. Following this, the team will focus on adoption and expansion.