Transactive energy is a new kind of energy market, operated by consumers, which will change the way energy is generated and consumed. Blockchain technology would serve as an ideal platform for the transactive electricity market, helping to ensure that diverse assets on the grid work together. It also allows the IoT to share information efficiently, reliably and securely. The EU-funded PARITY project is working on a local flexibility market platform that seamlessly integrates IoT and blockchain technologies. The solution also includes active network management tools to address the present ‘structural inertia’ of the distribution grid. PARITY’s solution is expected to increase grid durability and efficiency, facilitating penetration of renewable energy sources in the electricity energy mix beyond 50 %.
QUE as a main technology provider delivers the PARITY Oracle: a cloud service that bridges the isolated and deterministic environment of a Blockchain Platform with the versatility of real-time and real-world data. The PARITY Oracle is a multilayer tool that queries, verifies and authenticates external data sources, safeguarding the integrity of the blockchain and enhancing the Smart Contract functionality.
This project has received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 864319.