The ability to produce energy from renewable sources in combination with smart technologies can lead to positive energy building. When the energy infrastructure is flexible the production and consumption of energy can be managed efficiently. The overall load on the energy grid can also be reduced.
Smart metering technologies and improvement in IOT when combined strategically can be used to forecast the energy consumption using AI algorithms. Energy surplus can further be traded. To make a smart grid innovation like this possible it is important to work with a new kind of digital infrastructure.
All the assets that are used to generate electricity should be connected and they need to be linked with a data sharing infrastructure. The data sharing infrastructure can be used to post offers which will be used to sell the available surplus energy. The demand and supply can be managed based on the buy and sell offers for the surplus energy.
There have been trading of energy surplus taking place before, but they were based in a centralized system. Now, open source technologies like the Distributed Ledgers (DLTs) are gaining attention as potential building blocks to provide for the infrastructure where surplus electricity can be distributed in a decentralized manner.
Payment from producers-to-consumers; consumers-to-producers need a payment system. A suggestion is that the IOTA token can be leveraged to facilitate the settlement of such Machine-to-Machine trades.
In this regard, Sydney Ifergan, the crypto expert tweeted: “IOTA very soon will be a part of every kind of smart city infrastructure at the rate at which their innovation is proceeding.”
IOTA Infrastructure for Projects
IOTA have been doing wonders in several innovative projects like in terms of creating innovative projects for climate change, providing for clean technologies, ensuring sustainability which will help foster an open ecosystem based on the distributed ledger protocols.
IOTA very soon is set to become the name behind every kind of innovation in smart city infrastructure. More security upgrades in critical infrastructures for smart cities are worked upon by IOTA.
They have done a great job in enabling trusteed and decentralized supply chains using the IOTA Track and Trade ledger.
A lot of work is underway to standardize IOTA as a backbone of the Machine economy. The developers are doing their best to remove the protocol complexities, thereby making it easy for users to build and maintain projects on IOTA easily than ever before. Developments are taking place and partners are lining up. It is expected that when Coordicide is complete the public interest can simply explore.