Hi guys, how are you? :) I really like this news, so I want to share it with you too!
What you'll read here
- Mitsubishi Electric and Tokyo Tech start a collaboration
- The new system they have created
- How the system works
Intro
Would you ever have thought of a system that uses electricity in excess to provide enough energy to support trading operations?
Well, that's just the basis of the big project put together by Mitsubishi Electric, a major Japanese car manufacturer, and Tokyo Tech, a prestigious university in Japan.
The collaboration between Mitsubishi Electric and Tokyo Tech
The announcement of the new system was made by Mitsubishi Electric and Tokyo Tech on January 18, the day the two companies released a document regarding the project aimed at changing the basis of conventional trading systems. Their goal is to create a blockchain-based system that succeeds in leveraging a more flexible and peer-to-peer type of energy.
Indeed, common blockchain technologies such as those used for cryptocurrency trading require a large number of high-performance computers to perform massive amounts of calculations or mining processes. This is critical, for example, when determining the creator of a new blockchain to record information.
A new trading system
The new system, on the other hand, is intended to support the use of excess electricity that is generated from renewable energy sources, such as from electric cars. Specifically, it is hoped that the trading system will be able to guarantee the maximum amount of electricity at any given time so that all consumers can operate smoothly.
What differentiates a classical trading system from a peer-to-peer energy exchange system is to allow consumers and prosumers (individuals who produce and consume) to participate in direct trading as buyers and sellers. However, this would require a very high amount of computation.
So, to make their new project less dependent on massive calculations and high-performance hardware, Mitsubishi Electric and Tokyo Tech customized their blockchain system to optimize combinations and make the settlement of buy and sell orders more efficient.
How does it work?
According to the announcement, this new system is set in motion by a distributed optimization algorithm, which differs from most blockchain technologies. This allows clients' computers to share their goals and, with a reduced amount of computation, match sell and buy orders. This system, given its minimal power requirements, can also be run on a micro-computing server.
Specifically, Mitsubishi Electric and Tokyo Tech illustrated how the process takes place in 4 simple but effective steps, namely:
- the calculation server, in a given period of time, shares the information about the buy and sell orders, together with the trading objective (profit, market surplus, etc.)
- the orders that correspond to the objective of the first step are identified by the various servers
- all servers share among them the search results
- the trades that best meet the objects are selected, generating a new block that is added to each blockchain.
This makes the system extremely flexible, allowing both buyers and sellers to trade at cost-effective rates as a match is found that meets their objectives. In addition, Mitsubishi Electric and Tokyo Tech noted how such a system can further reduce the cost of environmentally sustainable consumer goods such as electric cars by maximizing the amount of excess electricity available for exchange in the market. You can read the detailed operation published by Mitsubishi Electric here.
Conclusions
The system designed by Mitsubishi Electric and Tokyo Tech marks another step forward for the cryptocurrency industry.
Of course, their system is still in the testing phase, and the two companies have stated that they want to make sure it works 100% of the time.
However, there are now many digital platforms that are based on blockchain technology, and even more are emerging.
This is very positive, as it symbolizes the worldwide interest in a constantly growing sector that seems to represent the future of the economy.
How much do you guys know about blockchain? Do you know perfectly how it works?
Try to keep up to date, because being aware of some of the systems could help you make more profitable trades.
*This article was translated manually and with a translator software from my original post on theledger.it, so I'll attach the link to my article here.
If you want to improve your Italian and learn more about crypto arguments, just check out our blog by clicking on one of the links below :)
Learn more
- https://theledger.it/cryptopedia/blockchain/
- https://theledger.it/approfondimenti/profili-giuridici-della-tecnologia-blockchain-un-fenomeno-distribuito/
- https://theledger.it/podcast/blockchain-ventures-in-stile-italiano-intervista-iconium/
- https://theledger.it/podcast/theledger-incontra-hal/
Bibliography
- https://invezz.com/it/notizie/2021/01/19/mitsubishi-collabora-tokyo-tech-sviluppo-tecnologia-blockchain/
- https://interestingengineering.com/mitsubishi-tokyo-tech-develop-p2p-blockchain-energy-trading-system
- https://cointelegraph.com/news/mitsubishi-and-tokyo-tech-create-blockchain-system-for-p2p-energy-trading
- https://www.mitsubishielectric.com/news/2021/pdf/0118.pdf
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