Researchers from one of the universities in China recently claimed that they have been able to create a blockchain-based electricity exchange. The blockchain-based electricity exchange will specifically cater to the power which has been unused. They have also filed a patent in this regard. Also, they allow the sellers to get separate nodes and the buyers to get separate notes. As a result, the transaction is completed quite securely. Moreover, with the help of decentralization, power is securely traded as well.
As the buyers and sellers are assigned nodes, it will become much easier for the users to buy and sell power. Moreover, smart contracts are used in order to get the transactions done as well.
Growing demand for renewable energy:
In China, the demand for renewable energy is steadily growing. This blockchain-based electricity exchange is exactly targeting that demand. Renewable energy can be produced by individuals as well as companies alike. With the help of this blockchain, they will be able to easily sell that extra energy. In addition to that, according to the patent application, digital currency will be used in order to buy the renewable power. As a result, the transactions will be done quite quickly as well. When the transaction is concluded quite quickly, it will become easier for you to buy the power.
Up until now, the exact cryptocurrency which will be used is not clear. The platform has been built in such a way that it will be able to use 2 different blockchain systems. That is why people are trying to figure out what kind of cryptocurrency will be used in order to buy the power. Additionally, with the help of this power exchange, the power problem in China can be solved as well.
Growing applications of blockchain technology:
This clearly indicates that the applications of blockchain technology are growing at a rapid pace. When the applications of blockchain technology are growing at a rapid pace, the technology will also gain more credibility. This will mean that eventually, cryptocurrencies will also gain more credibility. When they are able to gain more credibility, it will become much easier for the investors to reap rich dividends.
Thus, with the increasing number of applications, not only cryptocurrencies but also blockchain will certainly gain more credibility. This blockchain-based platform is a step in the right direction. With the help of this blockchain-based platform, power selling and purchasing will become much easier.
Join the newsletter to receive the latest updates in your inbox.