Mitsubishi and Tokyo Tech expect to commercialize the project as soon as possible.
According to the announcement, the new technology would lead to the efficient use of any surplus power that might have been generated through renewable sources. Essentially, what this initiative is driving at is to ensure that there would always be surplus electricity available to users on the market at every point in time.
Blockchain System Offered by Mitsubishi
The P2P blockchain technology would afford consumers and producers to set-up transactions directly between themselves as buyers and sellers. And it also drastically reduces the need for a third-party platform or a hardware-intensive computation system. What blockchain technology does in essence is to help to perfectly match and make transaction orders more efficient and seamless.
Mitsubishi and Tokyo Tech have also come up with a new mining method that can be performed on a micro-computing server. Plus, their blockchain technology differs from others due to its distributed-optimization algorithm which would allow the computers of their customers to share their trading goals and data. This would enable the technology to effectively match their transaction order optimally.
And in order to ensure that all trades on the platform remain fair, searches for solutions are done in a decentralized manner ie it is carried out on multiple computers where the required matches are then selected at random. Again, when the right matches are found, parties involved in the transactions are able to carry out the transactions for prices that may be beyond the one quoted or even below the quoted price. Others who are unable to trade can be able to change their offers after assessing the bid conditions.
It is believed that this new development would drastically reduce power retail firms whose prices tend to fluctuate with the market conditions. It would also lead to a drop in the price of consumer goods like electric cars. They expect to commercialize the project as soon as possible after they might have carried out the evaluation of the system by April.
Blockchain Energy Platforms Are on Demand
Some countries have begun to make more demands for blockchain-based digital energy platforms.
In Thailand for example, an Australian firm Power Ledger announced a partnership with Thai Digital Energy Development (TDED) which would be geared towards developing a blockchain-based digital energy platform in the country.
The Asian country has focused on being able to generate 25% of its electricity from renewable energy by 2037, and it expects the partnership with Power Ledger to help it increase the adoption of renewable energy sources.
Power Ledger has also stated that it plans to leverage on the partnership with TDED to meet with other organizations that might be interested in using its blockchain energy trading technology.