Walmart may start a project to enable payments for electricity using cryptocurrencies

15 June 2018

Walmart Walmart is preparing for the trial of a blockchain platform to allow consumers to pay for the electricity with the cryptocurrency, while reducing the costs and improving the efficiency of consumption and metering.

The patent was filed by Walmart last December and unveiled this week by the U.S. Patent and Trademark Office, and describes the retailer’s efforts to establish a system able to connect household devices and power supply companies on the basis of a public blockchain infrastructure.

According to the retailer’s plan, the system will enable consumers to make prepayment deposits for the supposed amount of electricity to be used for certain devices. The requirements and terms of the deals will be visible on the public ledger, and power suppliers will have a chance for accurate allocation of the electricity supply across the households. The data about each transaction will be also reflected in the blockchain.

In the course of the cycle it would become clear for the suppliers how much electricity is consumed by each household, as the blockchain enables traceability and transparency of the user activity and transactions. Taking this into account, companies would be able to formalize more accurate requests for energy supply. According to Walmart, the new system is aimed at reducing the gap between the energy supplied and the energy actually required by the appliances and devices at homes, reducing thus the electricity costs for the consumers.

Blockchain techs
Mastercard may launch a payment system for fast cryptocurrency transactions
Banking techs
Korea digitizes mortgage and loan documents on a blockchain platform
Articles
Writing a White Paper for an ICO: expert recommendations
Show more posts...