BlockchainMitsubishi Electric and Tokyo Tech Develop Blockchain Technology

BusinessWire BusinessWireJanuary 19, 20212 min

Mitsubishi Electric Corporation (TOKYO: 6503) and Tokyo Institute of Technology (Tokyo Tech) announced today their joint development of an original blockchain technology that can optimize peer-to-peer (P2P) energy trading. The technology is expected to contribute to more effective use of surplus electricity from renewable energy by creating trading environments that flexibly respond to shared trading needs, particularly to maximize the amount of surplus electricity available in the market at any given time. Beginning in April, the P2P energy trading system’s performance will be evaluated to further optimize the algorithm as required, aiming at the earliest possible commercialization.

In the collaboration, Mitsubishi Electric has taken charge of designing the P2P energy trading system and its clearing (transaction-completion) functions while Tokyo Tech has handled blockchain technology R&D and the design of an optimal clearing algorithm.

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