Researchers at Fudan University in China have developed a blockchain-based system meant to maximize China’s electrical output. The system in question exploits blockchain’s ability to transact micro-payments.
The researchers have reportedly filed a patent for this new innovation, which could be helpful in alleviating small-scale Chinese electrical issues. The developers commented on the notion of wasted energy in their nation. They believe households have no other alternative but to let unused power go to waste as they lack a direct way of transferring electricity.
Although it is plausible that civilians to use grid-tie inverters for electricity, making monetary gains of such energy is another matter. In some cases the value of power generated is minimal and blockchain researchers hope to address this issue through micro-payments. The developers remarked that their technology could be instituted in a public, private or an associated blockchain system.
The proposed system is built on a common cryptocurrency, as reported by Crypto disrupt.
Efficient Electrical Output
The researchers from Fudan University are one among many pursuing blockchain and cryptocurrency systems to advance electrical systems. US retailer Walmart filed a patent for a framework that appeared quite similar. This system would make use of blockchain and the Internet of Things innovation for a smart-grid.
Walmart’s idea was grounded in cryptocurrency and enabled devices to transact with each other to minimize budgets. Although the framework from the researchers in Fudan University is a minimalistic solution, it could definitely bolster power efficiency in China.
Micro-payments are a sophisticated asset for blockchain programmers. These systems allow a payment platform to run with very low degrees of value. The level of electricity in question would not be reached with conventional technology. Although the scale of electrical output may be small, they could create a substantial impact when scaled up to a nation-wide level.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]