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For consistency in growth and the development of blockchain technology, IOST, a decentralized and extremely fast network, has recently announced a partnership with EverySystem and ElDesign, to launch peer-to-peer (P2P) electricity trading project on IOST blockchain network in the Fujimi City of Japan. The project is dedicated to empowering the energy industry.
The features of blockchain technology have enabled it to get along with the already existing global technological systems. The ability of the nascent idea to automatically execute smart contracts and other great functionalities make it more reliable.
According to the update shared on one of IOST communication channels, Fujimi is located in the central part of Nagamo Prefecture and Yamanashi Prefecture, where tourists and citizens can see the clear view of Mount Fuji.
The IOST Peer-to-Peer (P2P) project
The update shared that elDesign, a consulting and Retail Company, coupled with its group of company, Mario Energy, will use the system powered by blockchain bidding system and incentive mechanism.
The two aforementioned tools will be used to conduct an on-chain electricity trading test between countries or individuals in Figimi by February 2020.
In conducting the power trading experiment of the project as the update reveals, EverSystem will be in charge of the development, while IOST will make a provision for blockchain technical support.
Bidding System and Incentive Mechanism for the Project
Going by the update, the bidding system that has to do with game elements and an incentive mechanism are involved in the P2P electricity project.
Once the price of the electricity produced by the power generator correlates with the daily bid of the consumers, they will be awarded with points. This also equally applies to the energy producers involved.
The launch of the project was reportedly announced at a press conference in Fujimi Town on 14th November 2019 by the CEO of elDesign, IOST Co-founder and CTO, and some notable personalities.
Mr. Natori, the mayor of Fujimi, was also present at the press conference. He said that the commercialization of the PoC project will eventually serve as a means to provide job opportunities that will cause transformation in the geographical area.
He added that the residents of the region should look forward to the project as it’s expected to launch in February 2020.