Mitsubishi and Tokyo Tech develop a blockchain platform for trading renewable energies
The new system will effectively sell and use excess electricity from renewable sources. The developers hope that thanks to the trading platform, consumers will always have excess energy available in the market.
At the same time, the platform will be peer-to-peer, which means that the participants can sell and buy energy directly from one another. The blockchain is used to distribute complex calculations among the participants and enable efficient processing of buy and sell orders.
The developers specifically optimized the algorithm of the participants' computers to "exchange business goals" and data in order to "optimally coordinate buy and sell orders while using minimal resources".
“Information on general business orders is sent to servers within a specified time frame. Each server looks for buy and sells orders that match that goal, and the servers then exchange their search results. Each blockchain server receives the search results and generates a new block. The offers that best correspond to the overall goal are selected, ” This is how the developers explain the principle behind creating blocks.
Mitsubishi and Tokyo Tech hope that access to a free electricity market will lower the prices of some consumer goods in the market, such as electric vehicles. In addition, this peer-to-peer system will eliminate the need for energy companies to respond to market fluctuations. it will happen automatically.
System tests are expected to be released in April this year, and the developers hope to be able to use the platform commercially as soon as possible.
In August 2020, Mitsubishi launched the ECO blockchain trading platform for metal trading.
At the same time, the platform will be peer-to-peer, which means that the participants can sell and buy energy directly from one another. The blockchain is used to distribute complex calculations among the participants and enable efficient processing of buy and sell orders.
The developers specifically optimized the algorithm of the participants' computers to "exchange business goals" and data in order to "optimally coordinate buy and sell orders while using minimal resources".
“Information on general business orders is sent to servers within a specified time frame. Each server looks for buy and sells orders that match that goal, and the servers then exchange their search results. Each blockchain server receives the search results and generates a new block. The offers that best correspond to the overall goal are selected, ” This is how the developers explain the principle behind creating blocks.
Mitsubishi and Tokyo Tech hope that access to a free electricity market will lower the prices of some consumer goods in the market, such as electric vehicles. In addition, this peer-to-peer system will eliminate the need for energy companies to respond to market fluctuations. it will happen automatically.
System tests are expected to be released in April this year, and the developers hope to be able to use the platform commercially as soon as possible.
In August 2020, Mitsubishi launched the ECO blockchain trading platform for metal trading.