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Chinese researchers develop a blockchain-based electricity exchange Power Ledger Coin Price Australia
Researchers at China’s Fudan University have developed a decentralized exchange through which citizens could trade electricity through a digital currency.
Call it a power play Power Ledger Coin Price Australia , but researchers from China’s Fudan University have now officially unveiled a
detailing a decentralized electricity exchange which could allow parties to trade unused electricity without a middleman.
The patent outlines a system wherein power sellers and buyers are assigned as network nodes, and can broadcast requests for electricity purchases or sales. Smart contracts subsequently connect a request and then perform transactions.
In the paper,
In the paper Power Ledger Coin Price Australia
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.”
The patent describes that a digital currency could be used to transfer electricity supply between buyers and sellers on the network – elaborating that
“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”.
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