As access to energy grows in the developing world, this opens up opportunities for entrepreneurial communities, to buy and sell electricity. With current systems it’s hard for people to monetise their electricity assets without a framework to buy and sell.
What it does
We have designed a decentralised electricity market that leverages the core technology behind BitCoin, called the blockchain . This technology has a few cool features. In particular, it lets you trade stuff, without a central authority, and trust that everything is above board.
With this blockchain infrastructure in place, communities can eventually have the opportunity to leapfrog the developed world and establish a true decentralised smart grid.
How we built it
We designed a simple online interface to simulate the type of decentralised electricity market we would deploy and illustrate the effects of supply and demand increases on the price of electricity being traded.
Challenges we ran into
Coordinating a diverse team and effectively allocating tasks to achieve our goals in such a short time period.
Accomplishments that we're proud of
We are really proud of our use of blockchains to help microgrids in developing countries. We also really like our webpage which illustrates our concept in such a simple way.
What we learned
We learned heaps about the additional types of requirements and considerations that need to be taken into account when we are talking about microgrids.
What's next for Micro Bid
Deploying our software in an existing microgrid to facilitate a local electricity market.
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