IOT Integrated P2P Energy Trading & Token Interchangeability

The world is shifting to Green Energy which can be produced at home like Solar energy. What if one gets motivation to produce more energy by selling excess to nearby Prosumers i.e. P2P energy trading.

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Inspiration

The world is shifting to Green Energy and the most abundant source of green energy is Solar energy which can easily be produced at home with solar panels.

But installing solar panels are costly and one needs some Return on Investments to switch to that mode.

What if one can sell excess energy produced to nearby Prosumers (Producer + Consumer)?. This way, a Prosumer will have higher motivation to produce more energy.

To facilitate this energy transfer automatically without human intervention - Our Solution - IOT Integrated P2P Energy Trading and Token Interchangeability - comes into picture.

What it does

Our Solution facilitates the end to end P2P energy trade in following steps:

  1. IOT predicts the demand or excess supply of Prosumer.
  2. It registers Demand/Supply information to Google cloud's IOT core Pub/Sub service.
  3. IOT core client listens to IOT devices messages and matches Supply/Demand and send back the instruction to IOT device that where to send energy i.e. energy routing.
  4. Upon successful Energy trade, the trade information gets recorded onto Hedera Consensus Service.
  5. Now our main Application listens to HCS topic and upon receiving trade information it tokenize the amount of energy into Universal Green Energy Tokens(UGET) utilizing the Hedera Token Service, then tokens get tranferred from consumer's account to prosumer's account.
  6. Also, Prosumer has option to interchange UGET tokens into other type of tokens using utility-token-exchange framework built by us i.e. Token Interchangeability.

How we built it

We followed the same sequence for development as that of Architectural flow.

  • We started with mocking IOT device and connecting to Google's IOT core.
  • Then we created Two types of tokens using Hedera Token Service.
  • After that message processing via IOT core client, triggering trade and recording trade information on HCS was implemented.
  • We created APIs for new Prosumer registration which automatically created Hedera account for that Prosumer.
  • In parallel to above tasks, Prosumer's UI Dashboard was built.

Challenges we ran into

There was no major challenge faced as all hedera services are well designed and documented. Few minor challenges we faced were:

In Utility Token Interchange, we send private key of user in Authorization header to authorize header. We were not able to parse signed transaction that was signed on User's system to further sign with admin key.

Accomplishments that we're proud of

Tried to address all those existing issues related to P2P energy trading for large-scale adoption which will eventually promote Green Energy.

What we learned

Technology wise we learned Hedera Token Service APIs and Google Cloud Platform.

What's next for IOT Integrated P2P Energy Trading & Token Interchangeability

Future Roadmap includes extending the use of Token Interchangeability and figuring out the way to implement Token Interoperability with non Hedera Tokens.

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