Tokyo Tech and Mitsubishi Partner to Introduce a Blockchain
According to the recent reports, Mitsubishi Electric has announced that it has recently partnered with Tokyo Tech. Tokyo Tech is a team of researchers from one of the prestigious universities in Japan. Mitsubishi Electric has revealed that with the joint efforts of the Tokyo Tech team, they are planning to introduce a trading platform based on the blockchain network.
The aim of the companies partnering to launch a blockchain-based trading platform is to facilitate users to trade in a more flexible and peer-to-peer environment.
The announcement was made by Mitsubishi Electric on January 18, 2021. The new system being introduced with the joint collaboration of the companies is to provide efficient usability of surplus electricity. This electricity is generated and acquired from renewable energy sources.
This will eventually ensure that the users will be able to access the maximum amount of surplus electricity at any given time.
With the help of the peer-to-peer energy trading setups, the users can engage directly in selling and purchasing activities as prosumers and consumers. The best thing that Tokyo Tech and Mitsubishi Electric will achieve from the partnership would be that they will customize their blockchain.
The blockchain will be customized by the companies in order to optimize matches and clear orders for buying and selling more efficient.
According to the announcement, the companies will also be integrating distributed optimization algorithms into the blockchain. The algorithmic integration into the blockchain system is something that differs from the usual blockchain technologies.
This algorithmic allows the users’ computers to share their data, trading goals, match them against the selling and buying orders with the least amount of computation. The entire process conducted by the algorithm is to optimize the trades for the customers.
With the help of the new blockchain system, the users will be able to conduct mining in the most optimized and efficient manner. This way, the computers will not be consuming way too much energy in order to mine even fragments of the coins. This Toyko Tech and Mitsubishi Electric has named this term as “new mining method” for micro-computing.
Most importantly, the entire process conducted by the algorithm would be decentralized. This means that the search for the most optimal buying and selling order for the trading goal will be completely fair.
As the flexibility is integrated into the blockchain, it would allow the buyers and sellers to conduct trading activities below and above bid prices if the match is the correct one.
In the worst-case scenario, if a trade does not materialize for a user, then the user can make changes to the terms of their offer.
Both the firms have announced that they will proceed with the platform testing starting April 2021. If the outcome is positive and favorable, they will try to introduce the platform as early as they can.