Researchers from a Top University in China Have Developed a Blockchain-Based Exchange to Trade Unused Power
When we think of a blockchain based exchange, we most likely think of cryptocurrency trading. However, a team of researchers, from one of the top universities in China, have now developed an Exchange, aimed explicitly at letting users trade their unused power.
Asgardia aims to create a demilitarized and free scientific base of knowledge in space. Projects such as this one could help Asgardia with this goal.
This past January researchers from Fudan University in China filed a patent application. This past Friday they revealed their patented idea setting out the workings of a blockchain based electricity exchange that assigns power to sellers and buyers nodes on the network. This enables users to securely trade electricity without the intervention of a third party or intermediary.
Using the network, nodes can broadcast requests for sales or purchases, after which smart contracts will connect matching requests, based on information like volume and price, and then prompt transactions. It’s a mechanism similar to that of a decentralized crypto exchange.
The esteemed researchers explained that households have no other choice, but to let the unused solar power be wasted since they don’t have a direct way of exchanging electricity.
The researchers also noted that a digital currency would be used during transactions between buyers and sellers of the electricity on the decentralized network.
The digital currency that will be used is still up for discussion. Regardless, the researchers restated that they have managed to build the system on two blockchains.
The document released by the Fushan team noted that this idea can be accomplished, in either or public or private or a consortium blockchain. But in this situation, the system has been developed on IBM Hyperledger platform, in addition to the Ethereum blockchain, to make electricity tradeable and shearable within a community.
When it comes to the usage of blockchain technology Chinese Universities are way ahead of others in Asia and even some part of Europe and America.
Several weeks ago, the leading players in the science and technology field met in China, with different professors tutoring the rest of the participants on the relevance of blockchain technology and how it can be used to better the lives of people, help with business transactions, while also facilitating ways of conducting business.
With this development, households in China will be able to trade their unused electricity, and this research marks the first of its kind in China. It will inevitably open the doors to opportunities for other developers and will only get better from here.
If you’re interested in the many uses of blockchain technology, as well as scientific and technological advancements then join Asgardia now and network with innovators, scientists, business people, and more.
When preparing news, materials from the following publications were used:Imprint
Image Credit: Metamorworks / Shutterstock