Mitsubishi Electric and Tokyo Tech Develop New Blockchain Technology
Grace Mahas — February 4, 2021 — Business
References: mitsubishielectric & businesswire
Mitsubishi Electric Corporation (TOKYO: 6503) and Tokyo Institute of Technology (Tokyo Tech), recently joined forces to create a new P2P energy trading system through blockchain technology, allowing consumers to participate in direct trading as buyers and sellers.
In addition, the new solution will help efficiently use surplus electricity from renewable energy by "creating trading environments that flexibly respond to shared trading needs, particularly to maximize the amount of surplus electricity available in the market at any given time."
According to TOKYO and Tokyo Tech, the primary goal of the P2P energy trading system is the profits of prosumers and consumers. This ensures surplus power usage is always maximized "without retail power companies having to respond to market fluctuations."
In addition, the new solution will help efficiently use surplus electricity from renewable energy by "creating trading environments that flexibly respond to shared trading needs, particularly to maximize the amount of surplus electricity available in the market at any given time."
According to TOKYO and Tokyo Tech, the primary goal of the P2P energy trading system is the profits of prosumers and consumers. This ensures surplus power usage is always maximized "without retail power companies having to respond to market fluctuations."
Trend Themes
1. Blockchain P2P Energy Trading - The development of blockchain-powered P2P energy trading is a disruptive innovation opportunity as it offers consumers and prosumers a more efficient way to trade surplus electricity.
2. Efficient Use of Surplus Renewable Energy - Creating trading environments that flexibly respond to shared trading needs can lead to more efficient use of surplus electricity from renewable energy sources.
3. Decentralized Energy Trading - Decentralized energy trading through blockchain technology enables prosumers and consumers to participate in direct trading as buyers and sellers with the potential to disrupt traditional energy markets.
Industry Implications
1. Energy - The energy industry can utilize blockchain-powered P2P energy trading to efficiently use surplus electricity from renewable energy and increase profitability for prosumers and consumers.
2. Technology - The development of blockchain-powered P2P energy trading presents disruptive innovation opportunities in the technology industry as it enables decentralized trading and creates new market opportunities.
3. Finance - As blockchain technology becomes more prevalent in the finance industry, decentralized energy trading through blockchain can create new financial instruments and payment systems for energy trading.
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