Accenture has developed a blockchain-based smart electric plug for adjusting power consumption. The device will be able to choose between power suppliers and pick up the cheapest tariffs.

The automated system working on behalf of its owner can decide every minute which supplier to switch to in order to keep to the lowest cost.

“Instead of just resolving and confirming transaction records, the Accenture work has changed the blockchain to let it negotiate deals on behalf of its owner,” writes BBC.

The blockchain adaptation can be seen as a step towards the future Internet of Things since it enables re-ordering supplies based on a precoded pre-order. Many experts worldwide see blockchain as a basis for the development of the Internet of Things.

Russia's Marina Guryeva from the Higher School of Economics, for instance, believes that the real Internet of Things means that “my fridge is able to order grocery according to my instructions, and the goods should be delivered automatically right to my house.” And blockchain is the technology that can make it real.

Accenture is among world's largest consulting companies. In 2012 its London technology lab was launched in collaboration with 16 leading financial institutions, and now it has joined its efforts with UK Power Networks.