NextDrive & BiiLabs Partner to Launch an IOTA Based Energy Trading Platform
The Taiwan-based company NextDrive Lianqi Technology, that has its focus on energy and IoT innovation, has decided to invest in energy blockchain applications. In order to accomplish this task, NextDrive decided to partner with BiiLabs, an important start-up that is focused on distributed ledger technology (DLT) and works with the IOTA Tangle system.
With the latest partnership, the companies will be working together so as to create Asia’s first ‘instant green energy trading platform,’ and continue with the revolution in the energy field. NextDrive is using Cube, the world’s smallest IoT gateway that has been developed independently and it helps users saving energy. Indeed, in the Japanese market, the company was able to establish itself and provide its products to several reputed power plants.
Yan Zheyuan, CEO Of NextDrive Explained:
“Users understand electricity is only the first step. The real goal is to let rea-time green energy trade and move into your daily life.”
By working together side by side, BiiLabs and NextDrive want to create a ‘blockchain + things’ virtual energy trading platform. They have decided to use IOTA for the different technical benefits that it has. And during the past years, IOTA has signed different partnerships with Bosch, Volkswagen, Foss Motors, Fujitsu and more. The main intention of the IOTA Foundation is to test and deploy its next generation blockchain solutions.
Additionally, the IOTA Foundation signed a memorandum of understanding (MoU) with the Smart City Office of the Taipei City Government.
According to Zhu Yizhen, co-founder of BiiLabs, the partnership solves the major drawbacks of the past blockchain wasting energy, slow transactions and a relatively small number of applications supported.
NextDrive explained that there is an e-commerce opportunity in Japan and that there is an increased demand for energy trading. The IOTA blockchain based energy trading platform will be removing inefficiencies and eliminate complex contracts and poor transaction efficiency. With IOTA and its latest implementation it will be possible to conduct real-time energy trading using mobile phones in a transparent manner.
In addition to it, the Tangle technology used by IOTA will be protecting the rights of buyers and sellers. The platform will eliminate the need to enter into complex contracts, something that would save time. IOTA and Internet of Things enable an efficient energy flow.
It is also important to mention that IOTA’s technology does not require miners, and no energy is wasted. It facilitates a minimum of 30 transactions per second and the transaction time decreases with an increase in the number of users in the platform.