Residents, owners of solar panels and residential complexes will now be able to sell their surpluses. The institution is working on the new system to be functional and operating by April once its test takes place.
Mitsubishi Electric, a multinational that specializes in the manufacture of electrical products, together with the Tokyo Institute of Technology (Tokyo Tech), is working on the development of a system that works with a blockchain to sell surplus electricity.
Both entities published a statement on January 18th, clarifying their interest in building a decentralized network to consolidate the commercialization of energy. The idea is that users such as residents, companies, and owners of solar panels gain the ability to sell the excess electricity to other people without the intervention of third parties or other intermediaries.
The entire system will be person-to-person (P2P), based on blockchain, and will possess its mining scheme, the press release notes. The network will link energy providers with consumers through electronic devices like their phones or computers, as both groups will be able to create a bargain market for surplus electricity by sharing their operations, data, and business objectives.
More Effective Use of Electricity Surpluses
The developers believe that this decision will achieve “a more effective use of electricity surpluses” thanks to a four-step mining scheme that can be controlled from microcomputer servers.
These servers share all the data of every transaction order that has business objectives in common. This happens when a company desires to buy a more considerable amount of surplus. Then the servers prepare themselves to browse suppliers that are also selling large amounts of electricity.
Once the servers end sharing the data of each of the offers, the servers will look for those orders that link with each other now.
The third step will focus on sharing the search results with the other servers; the received results will generate a block that picks all those operations that show more compatibility.
A Blockchain Prototype under the Magnifying Glass
The electronics manufacturing company will lead the process of design of the entire trading system as well as the management of its clearing functions. At the same time, the Tokyo Institute of Technology, which shows more expertise in sectors regarding blockchain networks, will be the leading entity to assist the development of an optimal algorithm to consolidate the proper functioning of the system.
The company wants to carry out some tests on the algorithm to optimize its balanced operation. Both entities stated that the goal is to launch the system on the market as soon as possible.
Mitsubishi Electrics played its cards on blockchain long before this project. In 2019, the company joined forces with 100 other Japanese manufacturers to adopt blockchain and increase their range of productivity by using it.
Mitsubishi Electrics is just an example of how companies that dedicate their efforts to the sale of energy keep growing interest in the world of cryptocurrencies. Cases like the one reviewed as well as the case of (CENER), a company that already tried blockchain technology to improve their performance are proof that cryptocurrencies are gaining more and more field.
By: Jenson Nuñez