Walmart Awarded Patent for Crypto-Powered Energy Consumption Management System

U.S. retail giant Walmart has won a patent for the development of an electrical grid that will be powered by Bitcoin (BTC) or other digital currency, according to a patent application published June 14 by the U.S. Patent and Trademark Office (USPTO). The system is designed to help companies better manage energy consumption and regulate demand on an electrical grid using a publicly distributed transactions ledger. Walmart initially filed the patent in December 2017. The patent says that both households and large organizations can use a blockchain-based network of energy-consuming devices. Subsequently, they can assign each device a specific amount of Bitcoin or any other accepted cryptocurrency, which can be 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…
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