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Researchers from one of the best universities in China say they have developed a decentralized exchange, not for cryptographic resources, but for unused power
A patent application presented by Chinese Fudan University in January and revealed on Friday shows how it works a blockchain-based electricity exchange that assigns sellers and buyers of power as nodes on the network and allows them to safely exchange unused electricity without third party intermediaries.
Using the network, nodes can transmit sales or purchase requests, after which smart contracts will link correspondence requests, based on data such as volume and price, and then trigger transactions – a mechanism similar to that of a decentralized cryptographic exchange.
The effort is a response to the growing renewable energy supply in China, in particular solar energy generated by households, which is often generated in excess of demand in some regions.
Researchers write:
"Families therefore have no choice but to let unused solar energy go to waste because they have no direct way to exchange electricity."
To facilitate transactions on the decentralized network system, a digital currency will be used between buyers and sellers, as explained in the patent application.
Although it is unclear what digital resources the platform could use, the system has so far been created on two blockchain systems, according to the Fudan team.
"This idea can be realized in a public, private or consortium blockchain and, in this case, the system was developed on the IBM Hyperledger platform and on the ethereum blockchain, to produce negotiable and shareable electricity at the same time. inside a community ", states the document.
Read the full patent application below:
Patent application of the Fudan University of CoinDesk on Scribd
S Image of panels olar via Shutterstock
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