Home Blockchain Walmart files a patent for vendor payment system using Blockchain technology

Walmart files a patent for vendor payment system using Blockchain technology

As per reported by CoinDesk, Walmart has hinted at the idea of developing a system that would allow households to manage their electricity bills through cryptocurrency, the retail behemoth claim that by launching this project it could possibly lead to greater efficiency and lower prices.

The patent filling reads “Up to date, energy delivered by energy providers are used  inefficiently in remote locations, which causes increased energy costs for customers”

The patent filing further reads, “The increased costs are a result of several appliances and devices that consume energy at much higher levels than the actual level of energy required for those appliances to function or perform certain tasks.”

Walmart proposes a system wherein, users would pay a capped amount of cryptocurrency up front, for the expected electric demand of some specific devices. And, given the fact that those requirements would be displayed on a public ledger, it would enable the providers of energy to know how much electricity to allocate to a specific household based on their needs. The system would also store the leftover electricity budget at the end of the cycle and it could be credited to the next period.

Significantly, this marks the third occasion in recent times when Walmart has drafted a patent as the retail giant have previously drafted a couple of patent applications that refer to a platform backed by blockchain technology for digital shopping and vendor payments. The applications were at first recorded way back in October  2017, apparently drafted by a similar group at Walmart. Despite the fact that the retailer needs to give clients access to its own payment narratives through the applications, it wouldn’t like to give a similar kind of access to any third parties.

As per the patent application drafted by the Walmart team, it claims to develop a vendor payment system that can “automate the process payment for the final amount due for the products and services associated to delivering and obtaining products.” The vendor payment system would encrypt and divide the payment using blockchain technology.



Safdarali Rizvi
Safdarali Rizvi the management graduate. Has been an avid book reader all his life so naturally loves playing with his words. His curiosity for discovering futuristic opportunities drives him to enlighten the entire Geekymint team with exclusive and intriguing news. He has a real passion for calisthenics and sports. His management abilities and hunger for learning brings tremendous value to our team.


Please enter your comment!
Please enter your name here

Must Read

Bitcoin crosses $10,000 for the first time since mid-February

Amidst bullish sentiments that digital assets will continue to benefit in this ongoing monetary stimulus and unprecedented, the world’s largest cryptocurrency yet...

4 fixes to use if GeForce Experience won’t open

NVidia GeForce Experience won’t open on your computer? If you are one of those several Nvidia GeForce users who is facing this...

Detailed Guide on Vulkan Run Time Libraries

Many Windows PC users come across Vulkan Run Time Libraries on their PC. If you are a Windows PC user who wants...

How to download and install latest version Megabox HD APK 1.0.5 for free

MegaBox HD APK is one of the biggest Android only streaming apps that allows you to watch TV Shows and Movies for...

Samsung announces the integration of its Blockchain wallet with Gemini App

Earlier today, Samsung announced that it would be integrating its highly anticipated blockchain wallet that can also be used for buying and...