Electron is a blockchain-based company that seeks to revolutionize the energy sector. It harnesses blockchain technologies to design more efficient, resilient, and flexible systems to transform the energy sector.
The vision of Electron is to make the most of the opportunities presented by the rapid changes in the energy market. The project seeks to initiate the changes through decarbonization, decentralization, digitization, and democratization. Electron aims to create innovative and collaborative solutions based on the power of the blockchain, which yields transparency and security. Besides, the platform aims to achieve this at the lowest cost while providing the benefit to all participants.
What Exactly Is Electron Energy Blockchain & Smart Trading Platform?
The Electron team consists of professionals from a wide range of fields including blockchain, energy, and e-trading. The team uses decentralized technology to promote the shared infrastructure of the energy markets. In addition, they design robust, efficient, and innovation-friendly systems to support the industry’s transition to smart grid infrastructure and new market norms as explained below.
As wind and solar energy continues to penetrate the energy marketplace, the electricity supply base becomes increasingly intermittent and inflexible. All the same, electrical supply and demand has to match continuously, which is why there is need for demand-side flexibility.
Contrary to traditional, centralized coal plants, renewable assets often connect to the local grid. This presents an opportunity to increase grid efficiency and to reduce transmission losses. It also introduces new challenges such as two-way power flows, a need for greater visibility and integration of decentralized assets. In the end, it produces the potential for new locational pricing models.
With rapid developments in smart grid technologies, artificial intelligence, home Energy Management System, and the IoT, there is greater control than ever before. This has also created new requirements for coordination, interpretation, and data security.
As the desire for a more active role in the energy market increases, there is a rise in the number of ‘prosumers’ who seek to generate their own electricity. Whether it’s from personal or shared community assets, they can use the energy directly through peer-to-peer transactions. Production is becoming more democratic, even as more people are willing to participate in the energy proposition.
This product entails a shared registration platform for all UK gas and electricity supply points. It leads to faster switching and now covers new types of assets.
Flexibility Trading Platform
It’s a common trading venue for all demand-side response actions to enable collaborative trading in the current hierarchical system, peer-to-peer, and micro-grid trading.
Smart Meter Data Privacy
This product utilizes encryption techniques to enable parties to extract value from smart meter data without compromising the data privacy of the user.
Developing The Decentralized Web Community
Due to the emergence of peer-to-peer protocols and the blockchain technology, the web structure and operations have changed greatly. For that reason, the open source projects that they operate are key to developing modern, scalable networks. Electron recognizes the need to participate in these communities. It is taking an active role to support them.
In testing and developing their platforms, they have built and released several tools to expand the connectivity of the Ethereum and IPFS decentralized web projects. The tools enable them to extract and distribute data from blockchain systems to help them analyze the performance and behavior of the network. Using the open source technology, they ensure that the platform has the connectivity and functionality it requires to make it prosper and to redefine modern computer systems.