Retail giant Walmart is exploring a way to let households manage their electricity bills using cryptocurrency - a concept it says could potentially lead to increased efficiency and lower prices.
According to a patent application filed by Walmart in December 2017 and revealed on Thursday by the U.S. Patent and Trademark Office, the company is developing a system that would connect household devices and electricity providers over a public blockchain.
Since the requirements would be visible on the public ledger, energy providers would be able to accurately allocate the required electricity to the household.
Further, if the actual usage of a specific device is more than is prepaid for, other devices can lend their budgeted electricity, while excess electricity would be credited to next cycle.
Walmart explained that the effort comes as a way to address a growing difference between energy provided and that actually consumed, an imbalance that leads to spiking electricity costs.
"Currently, energy providers deliver energy to locations that inefficiently use the energy, which leads to increased energy costs for consumers. The increased costs result from various appliances and devices that consume energy at higher levels than the appliance or device may actually need to function or perform certain tasks."
The patent, though currently in review process and not yet granted, marks the retail giant's latest effort in exploring cryptocurrency's underlying blockchain technology for consumer use.
As previously reported by CoinDesk, the company has also filed blockchain patent applications that seek to utilize blockchain to boost its digital sales, as well as track its food supply chain.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Walmart Patent Eyes Crypto Payments for Power Supply Precision
Publicado en Jun 15, 2018
by Coindesk | Publicado en Coinage
Coinage
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.