Patent for Crypto-Powered Electrical Grid given to Walmart
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Patent for Crypto-Powered Electrical Grid given to Walmart

Walmart, the US retail giant has successfully been given a patent to develop an electrical grid, which will be fueled by Bitcoin [BTC] or any other cryptocurrency. This was reported as per the patent application which was published on June 14 by the U.S. Patent and Trademark Office (USPTO).
The system is made in such a way so that it provides assistance to companies for better management of energy consumption and regulate demand on an electrical grid using a publicly distributed transaction ledger. This patent was initially filed by Walmart in December 2017
As per the patent, both large organisations and households can utilize a blockchain based network of devices that consume energy. Along with this, they can relegate every device a particular amount of BTC or other accepted cryptocurrencies, which can be utilized to buy energy from a utility vendor. Furthermore, the document explains:

“Each unit cryptocurrency may represent a unit or a portion of a unit of energy. For example, if 1 cryptocurrency unit is set to be equivalent to 1 kWh, the provider interface module 131 may receive a capped total amount of cryptocurrency of 800 for a month to spend on purchasing 800 kWh of electricity.”

Additionally, it says that the devices on the system can share funds between each other if a device surpassed its portion of cryptocurrency keeping in mind the end goal is to guarantee it continues operating during the billing period. The blockchain-based system will also show which device devours more energy compared to other.
Similarly, the network can help each other if one device uses less energy than the other. The rest of the volume can be conveyed with different networks, or it can be customized to sell the excess cryptocurrency or hold it for the following billing.
The patent states that “the utilization of the cryptocurrency may be operated independent of a central database system, such as a central bank, a central management system, or central authority operated by the energy provider.”
Walmart has applied for different patents to incorporate blockchain technology into its supply chain cycles, similar to a service that would record a client’s buys in a blockchain record, enabling the client to sell the items on a sales platform using the record of the purchase. The “Smart Package” patent of Walmart utilizes a blockchain-based apparatus to track package contents, location, environmental conditions and other details.

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Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.