Concept: Indian enterprise blockchain company Sofocle has developed Ojus, a Peer-to-Peer (P2P) energy trading solution. It is a Blockchain-based solution that helps transforms the trading and distribution of electricity by using P2P distributed ledger and smart contracts. The solution helps in managing the power distribution among the peers, where each extra unit produced by the household is counted.
Nature of Disruption: Energy trading on a P2P basis allows customers to obtain leverage by trading energy with other users who produce more energy than they need. Ojus is designed utilizing the hyperledger sawtooth protocol, which ensures it meets the necessary security requirements. It also employs smart contracts to digitize processes. Energy trading between two or more grid-connected is commonly done with solar energy, where any extra energy generated by one user is traded and sold to others via a specific P2P energy trading platform. It enables customers to accurately identify the power buyer, or in some circumstances, the buyer of extra energy as the seller. As a result, the entire process is adaptable, as well as transparent, and secure.
Outlook: Electricity is traded between peers using a secure technology like blockchain. This enables trading surplus energy from one node to another easier for both buyers and sellers. The necessity for a middleman as a whole is also eliminated. As a result, all energy stakeholders benefit from increased dependability while also saving money without compromising on any front. The platform supports a customizable number of units generated as well as comprehensive entity tracking. Each unit produced can be traced, allowing the end-user to get the most out of the system.
This article was originally published in Verdict.co.uk