Walmart Wins Patent for Electrical Grid Powered by Bitcoin

Walmart Wins Patent for Electrical Grid Powered by Bitcoin

The US retail giant Walmart, recently won a patent to develop an electrical grid that will be powered by Bitcoin or other cryptocurrencies according to the patent application published on June 14 by the US Patent and Trademark Office.

Walmart initially filed a patent back in December 2017. The main focus of the system, outlined within the patent, is to help companies better manage energy consumption as well as regulate demand.

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The patent states that both large companies and households can use blockchain based networks to assign each device a specific amount of BTC (or other except the cryptocurrency) which is used to purchase energy from a utility vendor.

The patent further explains…

Each unit of cryptocurrency is represented by a unit of energy. For example, one cryptocurrency coin can be set to be equivalent to 1 kWh. Electricity capped totals can then be implemented for a month of spending at that current rate.

The patent also outlines which devices on the network will be able to share funds between each other if one particular device exceeds its allotment of cryptocurrency. This will ensure its continued operation during the billing cycle. The blockchain based system also indicates which device consumes the most power compared others. The remaining volume of electricity can be distributed to other networks which will support each other if one consumes less energy.

This will allow the utilization of cryptocurrency to be operated independent of a central database system like a central bank or central authority operated by the energy provider.

Walmart-Files-Patent-for-Blockchain-Based-Marketplace-for-Reselling-purchased-productsWalmart has also applied for various other patents in order to integrate blockchain technology into its supply chain cycles. This includes a service that will record customer purchases on the blockchain ledger allowing their customers to resell items on a sales platform using the record of purchase.

Another patent employs a “Smart Package” blockchain based tool which would allow the tracking of packages, environmental conditions, locations, and other details.

The company is also working on allowing suppliers to put food on the blockchain which will reduce its waste and improve contamination management.

 

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