Mitsubishi Electric is teaming up with Japan’s leading science and technology university Tokyo Tech to build a blockchain-based platform for peer-to-peer (P2P) energy trading.
The project is designed to give people an optimized way to buy and sell surplus energy.
The partners say they are designing the new blockchain-based ecosystem to automatically optimize orders based on supply and demand.
“If the goal is to maximize the amount of surplus electricity available in the market, the best offer-bid match can be searched with respect to this common goal. If a surplus exists, the trading price would likely decrease according to market principles…
If the priority is the profits of prosumers and consumers, the shared goal can be adjusted to increase total profits, or raise the lowest profits, of all prosumers and consumers.”
Mitsubishi says its system is designed to process a high volume of transactions with minimal computing power required.
Mitsubishi and Tokyo Tech will begin testing the new system in April.
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