While many investors think of blockchain technology only in terms of cryptocurrencies, a growing number of S&P 500 companies are utilizing blockchain to streamline their businesses, deepen their competitive advantage, and unlock new market opportunities. And one of the best examples is Walmart (NYSE: WMT), which is reimagining the future of retail.

Walmart is actually an early adopter when it comes to using blockchain technology for business. Over the past two years, those efforts have ramped up considerably. Here's a closer look at two Walmart strategic initiatives with the greatest potential to drive future growth at the behemoth retailer.

In December 2021, Walmart jumped on the buzz and excitement around the metaverse by announcing a number of trademark applications for virtual products and digital assets for the metaverse. Then, in 2022, Walmart started building its presence in metaverse worlds. For example, in September 2022, the company announced Walmart Land, a new digital world in the Roblox (NYSE: RBLX) metaverse. It also launched Walmart Universe of Play.

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Source Fool.com