Chinese researchers developed a blockchain electricity exchange

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Researchers from China’s Fudan University announced that they have developed a blockchain-based electricity exchange that assigns power providers and buyers as nodes on the network and allows them to safely and directly trade unused electricity.

The network allows nodes to broadcast requests for sales, after which smart contracts will connect matching requests, based on information such as volume and price, and then trigger transactions – a mechanism similar to that of a decentralized crypto exchange.

To carry out transactions via that network, a cryptocurrency would be used between buyers and sellers, according to the patent application.

Although it’s not known which cryptocurrency the platform will use, the system has been made to built on two blockchain systems, according to the Fudan researchers.