Most exchanges are basically for cryptocurrency trading, but a team of researchers, from one of the top university in China, have developed an exchange, where users can trade their unused power.
China’s Fudan University recently filed a patent application that revealed that it has started the workings of a blockchain-based electricity exchange that allocates power sellers and buyers as nodes on the network and lets them strongly trade unused electricity without a third-party interference.
The response from an expert is that it is a direct reaction to the growing supply of renewable energy in China, mostly the sun power (solar) produced by households.
According to the researchers, families then have no option, but to let the unused solar power go to waste because they don’t have a direct way of exchanging electricity. They continued by adding that to a digital currency that will be used at the time of the transactions between buyers and sellers of the electricity on the decentralized network.
With the help of blockchain technology, the Universities in China are running way ahead of others in Asia, and even some part of Europe and America. This new exchange will let us know on how it can be used to better the lives of people, help transactions of businesses, and also simplify ways of conducting business.
Over the long term, blockchain can play an important role in handling distributed energy resources which are, mostly, advantageously gathered and dispersed assets with large electricity producers and energy storage systems.
Certainly, some will be more successful than others, and some may not succeed at all. As news revealed in CoinDesk, this new research from China will surely open an illumination of prospects for other developers and can only get better from here. With this expansion, families in China will be able to trade their unused electricity.[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. ]