Thursday, September 19, 2019
Home Cryptocurrency News Blockchain News Walmart received a patent for the development of a blockchain-based energy distribution...

Walmart received a patent for the development of a blockchain-based energy distribution system

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The innovative system will work on the basis of the blockchain of bitcoin and other digital currencies.

It became known that few days ago the most famous American retail network – Walmart, became the owner of a patent for the creation of an innovative system of electricity distribution. It is reported that its work will be based on the blockchain of bitcoin and other cryptocurrencies.
The new network will allow companies and organizations themselves to distribute energy, as well as manage the demand for energy resources using distributed ledger technology. The application was submitted to the US patent office in December last year. The patent application states that one unit of virtual currency may represent a unit or part of a unit of energy. For example, 1 cryptocurrency unit will be equal to 1 kW / h, thus, objects that function in this network can interchange the tokens of the network, i.e. If one object exceeded the energy consumption norm, the other participants in the chain will be able to pay for its energy consumption for the required period. The blockchain structure of the system will also allow to compare the energy consumption level of the objects of the whole network, in accordance with this it will be possible to perform the recalculation and redistribution of currencies, if someone has overspent or saved energy.

Recently Walmart received another patent for the integration of blockchain technology in the supply chain.

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