Call it a power play, but researchers from China’s Fudan University have now officially unveiled a patent application 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, the researchers elucidate that solar power is frequently generated in excess of demand in certain regions – explaining that “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.
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