Walmart Awarded Patent for Bitcoin-Powered Electrical Grid

Walmart Awarded Patent for Bitcoin-Powered Electrical Grid

Blockchain Cryptocurrency News
June 18, 2018 by Jane
1406
A recent document released by the US Patent and Trademark Office (USPTO) reveals the US retail giant Walmart filed for a patent for managing demand on an electrical grid using cryptocurrency and blockchain technology. According to the patent application published on June 14 by the US Patent and Trademark Office it is designed to help organizations better
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A recent document released by the US Patent and Trademark Office (USPTO) reveals the US retail giant Walmart filed for a patent for managing demand on an electrical grid using cryptocurrency and blockchain technology.

According to the patent application published on June 14 by the US Patent and Trademark Office it is designed to help organizations better manage the energy use of individual electrical devices. Walmart applied for the patent for the first time in December 2017.

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 document further 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.”

The patent is separated into three parts, the first covering a metering device which allocates energy and a proportion of the cryptocurrency budget is allocated to each “consumption device.”
The second aspect takes the idea back to the energy provider which is “configured to deliver a limited amount of energy to a single network.” The third aspect covers a computer system which would implement the method and system.

 

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