Blockchain Platform for Decentralized Electricity Trading
Blockchain based Electricity Market Trading Platform
Tags: IIT Madras, India, Computing Technology, Infrastructure, Utilities & Communications
IIT Madras has developed a blockchain-based decentralized electricity market trading platform enabling peer-to-peer (P2P) transactions between prosumers. The platform incorporates smart contracts for real-time power demand and supply, an optimization layer for consensus, and a monetary settlement layer for transactions. Applications include electricity trading in commercial sectors, promoting energy efficiency and distributed energy resource utilization. This technology addresses the limitations of centralized systems by reducing computational burdens and improving reliability. The patent application (202341070142) highlights its innovation in blockchain and energy trading.
IP Type or Form Factor: Patent Pending; Software & Algorithm; Platform
TRL: 3 - proof of concept with needs validated
Industry or Tech Area: Blockchain; Infrastructure & Utilities
