Walmart, a multinational retail corporation, is trying to explore a way to use cryptocurrency to manage electricity bills for households. This idea may potentially lead to efficiency promotion and price reductions.
Since Walmart applied for a patent during December 2017, they have already started exploring a new system where in the public blockchain could connect with household devices and electricity supplies.
Walmart expects that the system would allow people to prepay a part of the cryptocurrencies to support the expected power demands.
When the demands are shown on the public ledger, power supplies will distribute energy to the required household. After that, each transaction will be recorded on the blockchain.
The advantage of using this system is that the details of payment history and customer’s demand will be traceable, and it will be convenient to check and allocate.
Walmart claims that the technology may be a way to decrease the difference between power supplies and actual power consumed, as the differences will raise the cost of energy.
The patent application declares:
“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 applications and devices that consume energy at higher levels than the appliance or device may actually need to function or perform certain tasks.”
The patent is still under review and not approved yet, but Walmart continues to put in the effort in exploring blockchain technology and cryptocurrency for users.
Zhao, Wolfie. Walmart Patent Eyes Crypto Payments for Power Supply Precision. Retrieved June 15, 2018, from Coindesk: https://www.coindesk.com/walmart-patent-eyes-crypto-payments-for-power-supply-precision/