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Mitsubishi Electric will use blockchain on the energy trading market –

Mitsubishi Electric is joining forces with Tokyo Tech, Japan’s leading science and technology university. Objective? Building a blockchain-based platform for energy trading. As the creators assure, the project aims to provide people with an optimized way to buy and sell surplus energy.

Mitsubishi Electric in the blockchain market

The partners say they are designing a new blockchain ecosystem. They want to automatically optimize the orders in the process based on supply and demand.

– If your goal is to maximize the amount of excess electricity available on the market, you can search for the best match for this common goal. If there is a surplus, the trading price is likely to fall in line with market conditions. If the priority is the profits of prosumers and consumers, a common target can be adjusted to increase the combined profits of all prosumers and consumers – experts explain.

Mitsubishi says its system is designed to process a large number of transactions with minimal computing power required.

Mitsubishi and Tokyo Tech will begin testing the new system in April.

Mitsubishi Electric Corporation is a Japanese multinational electronics and electrical equipment company founded on January 15, 1921, headquartered in Tokyo, Japan. It is one of Mitsubishi’s main daughter companies.

RES on the blockchain market

This is not the first initiative related to blockchain and renewable energy at the same time. In the summer of 2019, the US-based Clearway Energy Group launched, for example, a pilot program for trading certificates related to renewable energy sources (RES). Everything is based on blockchain technology.

The blockchain and renewable energy markets have much more in common than we may seemingly suppose. You can even find some synergy here. Cheap electricity is needed to mine BTC. Hence, the use of the benefits of RES is absolutely appropriate here.

Investors and the market in general can see this. The analytical company CoinShares currently estimates that even 74.1 percent. Bitcoin mining (BTC) is powered by renewable energy. This was stated in the semi-annual mining report published on June 5, 2019.

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