Walmart Bestowed Patent For Crypto-Powered Electrical Grid
Walmart Strategically Moving Into Crypto
The U.S. Patent and Trademark Office (USPTO) has awarded a patent to the renowned US multinational retail corporations Walmart for the emergent of the on-demand electrical grid that will be powered by cryptocurrencies. Walmart filed for the patent on December 13, 2017.
This method developed by Walmart will enhance a better administration of how smart devices can economically use and regulate demand on an electrical grid using a publicly distributed transactions ledger.
According to the patent, we observed that the system will create a cohesion between how households and organisations can effectively use blockchain to create a network of energy consuming devices.
The patent states that a device can use a portion of crypto to buy energy units from an energy provider in the network that is connected to an electrical grid which will be recorded in the distributed ledger. The metering device will verify, and if the requirements are met, energy will be supplied to the requesting smart devices. Everything will be carried out through the blockchain network.
Furthermore, the patent also explains that the reason for the increased cost of energy unit is caused as a result of energy providers delivering energy into places that unproductively use this energy than it’s required for the different devices to accomplish specific functions.
Currently, energy providers deliver energy to locations that inefficiently use the energy, which leads to increased energy costs for consumers. The increased costs resulting 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. Smart appliances and devices are now available to consumers that can operate more energy efficiently, but still, consume more energy than needed or economically practical.
The company has applied for different patents such as ‘Smart package’ and ‘like a service’ that will integrate blockchain technology into its supply chain of hypermarkets.
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Julzin "Sensei" - Altcoin Ninjas
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