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Waltonchain project is named after Charles Walton (1921—2011), the famous inventor of RFID technology. Waltonchain is the underlying public business eco chain. It resorts to RFID technology to create a unique combination of blockchain and the Internet of Things (IoT). On this eco chain, merchants can create customized child chains and monitor production, logistics, warehousing and retail circulation of all commodities. As a business eco chain, Waltonchain ensures that all data on it is authentic and credible. With the self-developed reader chip and tag chip, all data of physical commodities in circulation is automatically recorded to blockchain. Thus Waltonchain avoids human interference, minimizes the data tampering possibility and creates a fair, transparent, traceable and credible new-generation business ecosystem.