Ojus Peer To Peer Energy Trading

A Blockchain-based solution that helps transforms the trading and distribution of Electricity by using peer to peer distributed ledger and smart contracts.

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Ojus Peer To Peer Energy Trading

Say hello to Ojus, our domestic developed solution, which to give you a better idea, is a Blockchain-based peer to peer energy trading solution designed to streamline the distribution and trading of electricity by producers and consumers. Our industry experts have built it using HyperLedger Sawtooth Protocol, which essentially means Ojus is built to the highest safety standards. And, besides that uses Smart Contracts for digitizing processes.
Now, for those unaware, peer to peer energy trading is essentially the buying and selling of energy between two or more grid-connected parties. It is often dealt with in the form of solar energy, wherein any of the excess energy for one user is traded and sold to others via a dedicated P2P Energy Trading Platform. Also known as peer to peer power trading, it allows the consumers to precisely determine the buyer of the electricity, or in some cases who buys the excessive energy as the seller. Therefore, the whole process is flexible, and, of course, it’s transparent and safe as well.
More often than not, the peer to peer trading electricity is transferred using a secure technology like Blockchain. This makes it simpler for both the buyers and sellers to trade the excess energy from one node to another. And, moreover, thanks to our in-house crafted technology Ojus, which relies on Blockchain, the overall need for a middleman is also terminated. Therefore, all the energy stakeholders, in the end, get extra reliability and also end up saving some bucks without compromising on any front.

How does currently P2P energy trading work?

The producer of Energy sells its energy at a less than optimal price to a middleman company who would then make a profit by selling this energy to a much higher price to the end consumer. The producer and consumer need to agree on the price. The result of the agreement is a lower price for the consumer and a higher price for the producer than if he sold it to a middleman company. This is how the consumer incurs cost savings in electricity while the producer becomes more profitable and can then break-even much faster on the costs of his production assets.

Any producer can become a trader and offer their surplus electricity to others. This helps to make it easier for other consumers to purchase electricity based on the renewable energy source of their choice. Also, prices of electricity can be lower than those of conventional energy suppliers.

The main advantages of P2P energy trading are:

  • No intermediary or a middleman
  • All Stakeholders saves money
  • Transparency with other consumers

Peer-to-peer energy trading is a concept which is basically an idea of a peer-to-peer economy. This allows consumers to take advantage by trading energy with other users who produce more energy than they need.

Problems in P2P Energy Trading.

Problem is how to manage the peer-to-peer power distribution, which is being produced by the households. Where these household acting as the node of producing power using solar energy. So the need is to provide the infrastructure to lay the foundation for the seamless peer-to-peer power distribution.

Thus, for distributing and monetizing the extra energy produced by the household. There should be a win-win situation for the households, who are generating extra energy, to monetize the extra energy by distributing it to the peers who need it.

How Ojus, a Blockchain-based P2P Energy Trading platform helps?

Ojus a blockchain-based solution helps in managing the power distribution among the peers. Each extra unit produced by the household is counted. This is nothing but an evolution of the next generation of power distribution in which every unit produce is counted.

P2P Energy Trading

Ojus, a blockchain-based power distribution system is built and already deployed. The platform covers a configurable number of units produced and the complete tracking down the entities. Each unit generated is traceable, this helps the end-user to gain from the system.

Ojus provides smart contract-driven peer to peer power trading system independent of the flow of power i.e. not controlling the physical flow but arranging token-based settlements between Producers, Power DISCOMS and Consumer.

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