The sun rises in the east and another Chinese entity files for a blockchain-related patent.
This time it’s a blockchain-based exchange for trading unused electricity being developed by researchers from China’s Fudan University, according to a recent patent filing.
The filing describes a network that operates much like a cryptocurrency exchange: Sellers of power “and buyers would be assigned as nodes, allowing for the secure trading of unused electricity without the need for a third party,” The Block reports.
Users of the network could ask to make purchases or sales according to the desired price or amount of electricity. Then smart contracts would match buyers and sellers and trigger transactions.
Those behind the project said there is a growing surplus of renewable energy in certain regions of China largely because household solar panels frequently generate more power than is needed, according to The Block. Read more here.