Bitcoin, Crypto currency, Blockchain

Blockchain in the energy sector – breakthrough in the Chinese?

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In the Chinese Fudan University, is currently working on a decentralized electricity market. This would allow participants in the energy sector, to exchange electricity and to act, without a middle man would be needed. It is developed in China, for example, the concept of a decentralized energy market?

About the possibilities of Blockchain technology in the field of energy economy has already been talked about a lot. In addition to the obvious fields of application in the Investment or financing applications in the in the change was the energy sector is particularly promising.

Chinese University is working on a decentralized electricity stock exchange

Scientists at China’s Fudan University have now published a Patent. It’s about the establishment of a decentralized trading platform for electricity. Using this platform, providers and consumers can trade with each other energy, without the need for a Central instance is in the Form of a middle-man necessary. To buyers and sellers of electricity are registered as Nodes and can communicate your offer and your demand.

With the help of Smart Contracts matching requests are merged and the transaction is automatically triggered. Here, the mechanism is oriented to certain indicators of the requests, such as the requested quantity or the price offered. The power exchange works the same way as decentralized Exchanges, such as IDEX do. In contrast to this is instead of using crypto-currencies here, with the excess energy.

A crypto-currency can and you don’t want to come around anyway. This is to be used for the settlement of electricity trading. If, however, the use of existing Coins, or Initial Coin Offering, remains open. So the System could run on both IBM’s Hyper Ledger platform as well as on the Ethereum block Chain.

Blockchain and energy – Not only in China, is a large topic

It is not surprising that the development of the decentralized Exchange for energy comes from China. In the people’s Republic there has been for some time a significant increase of renewable energies – especially the private production of solar power is steadily increasing. The energy produced in decentralized trade, opened many Chinese new possibilities.

On the compatibility of the Blockchain with the energy sector BTC voice ECHO in the last week, with the help of the research center for energy Economics e. V. Similar to the Fudan University, presented, ran in Australia and Chile Blockchain projects to support the energy market. The Chinese Initiative could go further.

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