How to Cut Electricity Bills? With Bitcoin Tech of Course

By Gary Cutlack on at

A group of researchers looking into the things and ways of the future us claims we may soon see bitcoin-enabled household electronics, with the team coming up with the concept of a plug socket that shops around all by itself to buy us the cheapest going rate electricity before turning itself on.

That's the forward-thinking coming out of Accenture, which says this Internet Thing would be operated by a modified version of the blockchain protocol that lets it barter for better deals for its owner. It uses, or would use, a "smart contract" embedded into the blockchain to allow devices to search for alternative power suppliers, although this would clearly need our energy suppliers to be onboard and OK with such a seismic shift in their billing policies.

Accenture's maths suggest that people on low incomes who pay for their electricity via pre-paid cards and keys would benefit most from the system, with the team suggesting that some £660m per year could be saved by such on-the-fly power supply switching. [BBC]

Image credit: UK plugs from Shutterstock

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