It is a known fact that Walmart had applied for a patent for the control of the electric grid with the help of blockchain technology. On June 14, it was granted that patent. As a result, Walmart will be able to handle the demand and supply on the electric grid with the help of distributed ledger. This will open up new applications for the blockchain.
Purpose of the patent:
According to Walmart, the main purpose of the patent is to reduce the cost of electricity which is supplied to the customers. As a result, customers will be able to benefit. Moreover, with the help of proper tracking, it will be easier for the grid managers to look at proper energy distribution as well. As a result, efficiency will be achieved.
The patent was filed on December 13, 2017. It was recently granted on June 14, 2018. This clearly indicates that it is one of the very few companies which is trying to use the distributed ledger in order to control the electricity. If indeed, it is able to do so, this will be a huge application for blockchain.
Applications of blockchain:
When you look into the potential blockchain, you will realize that the applications of blockchain are plenty. They are spread across various different industries. This is one of the main reasons why more and more companies are looking to explore the blockchain technology. Similarly, a startup by the name of Vervis trying to create a blockchain-based system which will allow peer-to-peer lending of power. As a result, the consumers will be able to access extra power at an affordable cost as well. It will not be necessary for the consumers to buy directly from the power generation companies. They will be able to buy the power from individuals who are generating power using solar panels as well. As a result, the cost of power will come down. With the help of this peer-to-peer trading, power will be available to various individuals quite easily.
When you look at the applications of the blockchain, you will realize that with the increasing innovation, the applications will increase significantly. As a result, it will become easier for the companies to explore the usage of blockchain in many different industries. When that finally happens, it will become much easier for the companies to use blockchain to control a variety of different functions. This will also revolutionize many industries.
