New Walmart Patent Envisions An Electrical Grid Powered By Bitcoin
Walmart has patented a new and creative invention that uses the blockchain technology: an on-demand electrical grid that can be powered by Bitcoin or any other crypto. The company has applied for the patent in December 2017 and it has been recently rewarded with it by the US Patent and Trademark Office (USPTO) this week.
According to the new patent, the idea is to use the blockchain technology to power residential homes or even multisite organizations. Each device could set an amount of crypto that would be used to purchase the energy from any utility provider for a certain time period.
The patent also states that if some device is spending more energy than it should, energy from other devices can be routed there but it would also indicate for the user that the device is spending more energy than it should be. In a similar way, energy that was not used can be rerouted to other devices.
Diminishing The Cost For The Consumer
This patent was designed as a way to get energy from energy providers that can share the energy in a more efficient way, which could lead to diminishing the cost of the services for the users. The network can even be programmed to sell the excess energy to other places for crypto, which can also increase efficiency.
Walmart is not the only company aiming at this market right now. A group based in Australia, the start-up Power Ledger, is also building a platform that will allow the users to buy and sell solar electricity using cryptos.
This of course isn't the only patent that Walmart has filed for a blockchain based platform: