482.solutions developed a marketplace for energy management

The introduction of blockchain technology in the energy sector is an integral part of the strategy to modernize this industry.

482.solutions continues to work actively on the implementation of blockchain solutions in the energy industry, trying to optimize and automate the process of selling and buying electricity. The rapid development of the energy industry will lead to an increase in energy capacity and the creation of new types of power plants and electricity distribution models.

As part of the R&D project, the 482.solutions team has developed a prototype marketplace for the management of inventories and the sale/purchase of electricity using Blockchain technology.

“Using blockchain technology to create a distributed electricity market infrastructure” is a White Paper that presents a proof-of-concept solution that provides a unique opportunity for all parties to the process to exchange electricity for digital currency. In addition, the system allows for the metering of electricity generation and consumption.

The ability to integrate compatible hardware is achieved through the use of a set of X.509 cryptographic standards in the Hyperledger Fabric framework to identify users and system nodes.

Hyperledger Fabric shows itself as a solution that integrates well into existing corporate information systems and IT management business processes (user and device access control policies, resource access control), unlike most modern Blockchain solutions, although it is rather complicated in deployment and configuration.

The 482.solutions team believes that the introduction of virtual power plants in the energy industry contributes to achieving the goal where each of the participants benefits from the use, which contributes to the opportunity to form a free market with the stabilization of peak network loads.