Category: Power Transmission
The new blockchain system is aimed at optimizing the use and trade of surplus renewable energy.
By Chris Young | Interesting Engineering January 20, 2021
Mitsubishi Electric and Tokyo Institute of Technology have collaborated in the development of a new blockchain technology that enables easier peer-to-peer (P2P) energy trading, Coin Telegraph reports.
The new technology’s main selling point is that it is based on a newly-developed optimization algorithm that can be run on standard home computers — unlike other iterations that require high-performance devices.
It is hoped that the new system will support the efficient use of surplus electricity from renewable sources. Peer-to-peer energy trading systems allow consumers and prosumers to engage in direct trading as buyers and sellers. As CoinTelegraph points out, Mitsubishi and Tokyo Tech set up their blockchain system in a way that optimizes matches and makes transactions more efficient.
According to Mitsubishi’s statement, their, and Tokyo Tech’s new system allows customer devices to “optimally match buy and sell orders using minimal computations.”
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