IOTA Foundation-Led Cost-Efficient Energy Trading Platform Is Now Business-Ready
The IOTA Foundation-led and EU-Funded project, CityxChange, is business-ready according to a research finding published by the European Commission on Sep 9.
Innovation Radar to the European Commission: CityxChange is Business Ready
The initiative which runs till October 2023 aims to create a “decentralized and cost-efficient energy trading platform” for a sustainable urban environment by 2050 focuses on building and deploying energy blocks that will be scaled in cities across Europe.
This is all part of Europe’s plan of transitioning to sustainable and clean energy means by integrating energy reduction measures and fronting efficiency.
As part of the whole sustainability goal, CityxChange will incorporate local renewables, local storages, and a P2P energy trading platform where IOTA Foundation is the key innovator under the EU’s initiative called Innovation Radar. Innovation Radar points out innovators and potent projects within EU-funded research programs while assessing their market readiness. For instance, here is a list of best ecn brokers for the forex marketplace.
As per Innovation Radar, the CityxChange is now mature and market-ready meaning “concrete market-oriented ideas have been put together (e.g. market studies, business plans, end-user engagement) but further progress on technology development is required (about 20 percent of all innovations are in this category).”
The Tangle and CityxChange
At the center of CityxChange is the Tangle. This is a blockless system allowing IoT or machine to machine (MCM) data to seamlessly and trustlessly flow within a secure and scalable system with low fees and fast settlement times.
Interestingly, the IOTA Foundation is working on eliminating the central coordinator and recently activated Chrysalis 1.5, a critical step towards a decentralized IOTA as BTCManager reported.
CityxChange has developed several demonstration cases in several cities in Ireland and Norway. Five more will be replicated in Bulgaria, Romania, Spain, Czech Republic, and Estonia.
The framework pinning this project seeks to create a common energy market and connected communities malleable enough to integrate new policy interventions, regulations, and business models.
In other related news, the European Patent Office published an application from the Xi’an Jiaotong University of China describing a supply chain data management system that uses IOTA as a base layer and the HyperLedger Fabric as a control layer.
Earlier, BTCManager reported Mastercard Asia/Pacific (APAC) reception of a patent describing a “method and system for device micropayment aggregation based on the Tangle network” from the European Patent Office.