IOTA Makes Progress On Energy Marketplace And Asset Module

IOTA makes progress on IOTA “Energy Marketplace” and “Asset Module” which is a hardware component that was developed in order to integrate every producing and consuming device into the marketplace as we read more in our IOTA news crypto.

In a presentation for the TM Forum, Dr.Michele Nati who is the Head of the Telecommunications and Infrastructure Development Division of the foundation commented more on the IOTA Energy Marketplaces with the core question of the project being to investigate whether the city or district can consume the energy that it produces itself. The foundation believes that it is possible with the help of the Positive Energy Districts which is where IOTA makes progress.

The districts have to use renewable energy, balance peak loads, shift loads, and control demand. This can be made possible by new technologies in the field of renewable energies. Dr.Nati said that the Brattokraia powerhouse in Trondheim, being a part of the CityXChange project, could be the right place to start. As he determined further, the energy-positive districts need infrastructure to coordinate the transport of electricity from one place to another. This requires three layers of data: transparency layer, data layer, and payment layer.  Compared to blockchain technology, IOTA can meet the necessary requirements from a technical point of view as Nati noted:

“IOTA can be that technology. IOTA will overcome the lmitations of blockchain technologies, creating and immutable data transfer, which is highly scalable and quantum resitent. Another advantage of IOTA technology compared to blockchains technology is that it is zero-fee transactions.”

Homeowners who generate renewable energy should be able to participate without major challenges via the IOTA Energy Marketplace. They should be able to “autonomously advertise my energy flexibility to my neighbors and automatically match it with adequate, to deliver the burst of power smoothly at just agreed-upon moments, and then be compensated through convertible vouchers using distributed ledgers, digital assets, and electronic microtransaction currency.” In terms of the architecture, it will all be on the Tangle as Nati pointed out:

“IOTA Energy Marketplace features include a registration function, functions to view and configure assets, a function to create new assets and an audit log for selected assets.”

Furthermore, the IOTA Foundation developed a hardware component that can be connected to producing and consuming devices. This will generate the data transactions on the IOTA tangle to participate in the marketplace. The module was integrated in a wallet to send and receive the token or to buy and sell electricity with them.