Walmart has won a patent for the creation of an electrical network powered by Bitcoin

Walmart has won a patent for the creation of an electrical network powered by Bitcoin

American retail giant Walmart has won a patent for the development of the electrical network, which will run from Bitcoin (BTC) or other digital currency, according to a patent application published on 14 June the Office for patents and trademarks (USPTO).

The system is designed to help companies better manage the energy consumption of individual electrical devices. Walmart has filed a patent in December 2017.

The patent States that both homes and large organizations can use the blockchain to create a network of energy consuming devices. Subsequently, each device will be assigned a certain amount of BTC or any other cryptocurrency accepted, which can be used to purchase energy from the utility provider. The document further explains:

“Each of the crypto token can represent a certain amount of energy. If the device has exceeded its limit cryptocurrencies other devices on the network can share resources to carry out its work during the payment period. System based on the blockchain will also indicate which device consumes more power in comparison with others.”

Based on the same principle, the network can support each other to consume less energy.

The remaining amount of energy can be redistributed between other networks, or alternatively, the network may be programmed to sell excess crypto-currencies or the transfer on the next settlement period.

Walmart has applied for various patents to integrate blockchain technology in their supply chains, for example, a service that records customer purchases in block chain, allowing the customer to resell the goods on the trading platform using a record of the purchase. In the patent of a “Smart pack” from Walmart using a tool based on the blockchain to track the package contents, environmental conditions, location and other details, which the company believes will reduce the amount of waste and improve the situation with the pollution of the planet.

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