Trading with Blockchain in Energy Market

Trading with Blockchain in Energy Market

Technology to empower renewable energy to enter the trade market with trust.

Being a part of nature’s culture, we all know that renewable resources are limited. These resources are diminishing day by day as it takes millions of years to renew them. Humans have taken out various solutions to use these sources of energy wisely. Out of them, solar systems are the most widely used invention. In a world full of needs, humans are helping each other with these resources. And they had entered the trade market for this. The trade market developed on trust and transparency, which is ensured by Blockchain.

conclusive reprise

A Noida based startup- Sofocle Technologies has come up with a technology named Ojus to develop a link between peers for easy and clear trading of renewable electric energy. Sofocle aims enterprise solutions for real business problems through brainstorming blockchain concepts to ensure security and efficiency. This blockchain-based solution will help in transforming the trading and distribution of Electricity by using peer to peer distributed ledger and smart contracts.
Ojus is aimed at features and advantages of Blockchain as it is one of the finest technologies in the world to date.

  • Transparency
  • Enhanced Security
  • Cannot be corrupted
  • Distributed ledgers
  • Faster monetary settlement

Ojus is a peer to peer energy sharing blockchain-based solution. It was introduced to streamline the process of trading of electrical energy sources from producers to consumers. It has been developed using HyperLedger Fabric Protocol and uses Smart Contracts for digitizing the processes.

The energy produced is generally sold at a lower price than the optimal price to the consumers because of which profit is earned by both parties. This creates a transparent relationship between producer and consumer without the involvement of any intermediary.

Through Ojus, electricity subscribers can securely sign in to their accounts, set bids, and quote their price for locally generated energy. A separate portal for distribution utilities is available for user and meter identity management. The platform also generates reports displaying total settlements, total units produced and consumed via tokens.

What was Scenario before Ojus?

It’s not like energy was not shared before Ojus, there were few problems between producer and consumer.

  • No transparency
  • Slow steps to the digitization
  • Trust issues
  • Unsure monetary transactions
  • Involvement of intermediaries

Everyone needs a system that can induce every problem in the digital world.

How is Ojus a good practice?

Every technology is invented to ease the life of humans, but few technologies are there for nature as well. Ojus is a technology that is made for both nature and its creation of humans.

⦁ Regenerate the used
Nowadays, every second person is installing solar panels on their rooftops to regenerate solar energy. This has deteriorated the demand for electricity. Solar panels absorb the energy from sunlight and then generate electric energy from it. Electricity is non-renewable energy and, once this source was scarce. Through this platform, we can spread awareness of solar panels as well as the scarcity of this important source of life.

⦁ Sharing is caring
Ojus encourages the sharing of energy sources because sharing is one of the important life’s ethics. If the energy gets generated in high quantities, then you could share it with your neighbors who don’t have this source, and it will help them and nature as well. Rather than sending it to the grid, it’s better to share it with your neighbors.

⦁ Avail the basic
Not everyone near to you is rich enough to avail of these basic services. Few people are there who are not able to take them on the government’s price. If you have enough solar energy, you can easily trade to unprivileged at a low price.

⦁ Money is everything
Yes, money is everything and what if you are getting it without any hard work. When these energy units get traded, then ultimately, what you receive in return is money. Solar panels are a one-time investment, and then you can save your money and earn them as well.

Ojus has achieved success by a partnership with TERI (The Energy and Resources Institute). “The successful deployment of this prototype would help in scaling up the adoption of rooftop solar in the domestic consumer category,” according to Alekhya Datta, fellow and area convenor, TERI, who conceptualized and led the development of this prototype after TERI’s pitch for the same won accolades at the Global Blockchain Congress at Kolkata in December 2018.

Blockchain has its benefits in the energy sector:

  • Cost Reduction
  • Sustainable to environment
  • Transparency for Stakeholders
  • Profit for everyone
  • The smart contract builds blind trust

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, which helps the end-user to gain from the system.

Future of Ojus

Ojus is not only a smart technology, but it’s nature-friendly also. All needed is to spread awareness among people about solar energy trading. Behind all this, blockchain is building trust as a spine of the system.

Ojus have their advantages and to earn them book a demo today.