Accenture, a multinational management consulting services company, has been in news recently for a number of blockchain-related reports. The company has announced specialized blockchain practice for financial services industry; formed an alliance with blockchain startup Digital Asset Holdings, LLC to help institutions assess and implement block chain related solutions; invested in Digital Asset’s latest funding round. Moreover, it is actively involved in the Linux Foundation’s recently announced open source Hyperledger Project.

Now, a recent report from BBC suggests that a team of technologists at Accenture have created a blockchain-based smart plug capable of adjusting power consumption minute-by-minute.

According to the report, Emmanuel Viale, head of the Accenture team that worked on the plug, explained that the plug alters the basic Bitcoin blockchain technology to make it “more active”.

"It's about how we put more business behaviour or logic into the blockchain," said Viale, adding that this basically embeds a "smart contract" into the blockchain.

The prototype works with other gadgets monitoring power use in the house and searches for cheapest energy tariffs and then uses the modified blockchain to switch suppliers. Accenture research finds that by enabling to quickly shift suppliers, it could potentially help to save over £660 million in the UK annually.

However, Viale added that the system is just a proof of concept so far, and has the potential to help many people on lower incomes who pay directly for power. He added that such a system based on the blockchain-technology that can act on behalf of its owner might also prove useful with the gradual expansion of Internet of Things.