Aside from its application in cryptocurrencies, Blockchain has multiple use cases that do not require the trade of digital assets, but of other things: electricity for instance!
Indeed, some researchers affiliated with one of the top universities in China claim they have developed a decentralized exchange suitable for unused power.
China’s Fudan University team filed a patent application earlier in January as they announced on Friday that their baby is officially working: a blockchain-based electricity exchange that ascribes electricity sellers and buyers as nodes on the network and allows them to securely trade unused electricity without a third-party intermediary: blockchain everyone!
By adopting such network, “nodes” can utter requests for sales or purchases, after that, smart contracts will do the work by connecting then matching requests, according to data provided such as volume and price, and finally perform transactions – a mechanism similar to that of a decentralized crypto exchange.
This kind of projects is the natural response to the increasing supply of renewable energy in China, particularly the solar power generated by households, which is often exceeding demand in some Chinese cities.
The Fudan team wrote:
“Households then have no other choices but to let the unused solar power go to waste because they don’t have a direct way of exchanging electricity.”
To make transactions run more smoothly over the decentralized power exchange, a digital currency would be used between buyers and sellers, as mentioned in the patent application.
Yet, it is still unclear which digital asset(s) the platform might implement, since the system has so far been built on two blockchain systems, according to the Fudan team.
“This idea can be achieved in either a public, private or a consortium blockchain. And in this case, the system has been developed on IBM’s Hyperledger platform as well as the ethereum blockchain, to make electricity tradeable and shareable within a community,” the patent states.
To sum up, the unleashed potential and set of skills asserted by these young researchers can only help us to think that, there will always be a group of young visionaries, sitting somewhere, making ideas and then literally make these ideas work before we even know!
(Ps: if you like the project, find the patent in the link below, you will find all the details related to the project, in Chinese…)