Walmart will pay its electricity bills with cryptocurrencies

Walmart, the world's largest distributor, has been looking for a way to pay electricity bills in cryptocurrencies. He recently got the green light from the US Patent and Trademark Office (USPTO)who recognized the innovation and relevance brought by such a project. This initiative will supersede all existing methods of paying utility bills.

Manage energy consumption using cryptocurrencies and Blockchain

Walmart has received unanimous approval from the US Patent and Trademark Office (USPTO) to develop a system linking home appliances and electricity providers to a public Blockchain. Households and large businesses can now manage their energy consumption using the large distributed register.

A fixed amount of bitcoins and other crypto-currencies will be used to pay for the energy consumed from the electricity supplier.

"Any cryptocurrency can be a unit or part of a unit of energy," says the patent. "It could be Bitcoin, an altcoin, a derivative of Bitcoin, or any digital currency. "

Electricity can be shared between home appliances

All transactions will be recorded on the Blockchain, which promotes transparency and traceability of data.

Also, if the consumption of a household appliance exceeds the imposed threshold, excess electricity from other appliances can offset this failure.

"Right now, electricity providers are supplying energy to places that use them inefficiently, resulting in increased energy costs for consumers. The increase in costs results from various devices and devices that consume energy at levels higher than those that the device may need to operate or perform certain tasks. Smart appliances are now available to consumers who can operate more efficiently, but still consume more energy than necessary, "says the patent.

Walmart's new energy management concept allows load sharing between power grids and helps each other immediately in the event of an unforeseen shortage.

Walmart is not the first company to rationalize electricity consumption via crypto-currencies and Blockchain . Australian Power Ledger is developing a similar system for the purchase and sale of solar electricity in real time.

What do you think of the new electricity system powered by Blockchain and Walmart's crypto-currencies? Tell us in the comments section below.