The United States Based supergiant retailer, Walmart, recently made headlights in the cryptocurrency sector by announcing that they have acquired a patent for creating an electrical grid system that will be powered by cryptocurrencies such as the Bitcoin (BTC) and others.
Walmart Crypto Patent Details.
According to the patent, which can be found here. The retailer is looking to manage an electrical grid utilizing a ‘distributed transaction ledger’, aka, Blockchain technology. The system in the works will utilize cryptocurrencies to purchased energy from providers, and allocated consumed energy to assigned devices. All energy-related transactions within the system that Walmart is pursuing will, of course, be made public due to the Blockchain architecture in question here being public.
This will allow an organization to better coordinate their energy use. The technology is applicable to both large conglomerates and household uses. Multiple devices can be connected to such a network, with each unit of crypto representing one unit of energy. Once a device runs out of cryptocurrency or goes past its allotment, energy, and funds can be shared between devices to ensure continuous operations.
Additionally, the network of devices sharing energy can be set up in such a way that leftover power and cryptocurrencies are sold off or retained for future billing cycles.
Walmart’s exploration of Blockchain technology.
Despite not being widely discussed, Walmart has filed other patents for the use of Blockchain technology in business and private processes. Such as the Blockchain service that allows client purchases to be recorded in a decentralized ledger. Walmart has intertwined Blockchain technology with its food business. The corporation is now requiring food suppliers to place product information onto the Blockchain in order to maintain clear records.
And let’s not forget the “Smart Package” patent that Walmart also filed back in March. A patent which would bestow Walmart with the capability to track locations, environmental conditions, package conditions, and much more through the use of the revolutionary tech taking our world by storm.