Toshiba study sees key role for IOTA in the area of energy management

The European branch of the Japanese Toshiba group recently published a study on the use of the IOTA communication protocol for peer-to-peer energy trading. The global energy markets are currently struggling to ensure effective energy distribution. The study sees a game changer in the smart contracts of IOTA 2.0, which could enable the high security and data protection standards for smooth energy trading on a P2P basis.

IOTA 2.0 as the basis for advanced marketplaces

Compared to traditional energy markets, P2P energy trading would facilitate access to renewable energy. The study proposes an IOTA 2.0-based, multi-layered P2P energy trading system for microgrids as a solution model. This would handle all energy trading transactions.

The proposed energy trading system would take advantage of IOTA's ledger structure and the newly launched IOTA Smart Contract Protocol (ISCP). IOTA's Tangle technology allows micro-transactions without incurring any fees. IOTA's Tangle ensures high scalability and execution of transactions in real time.

IOTA's smart contracts implement a double auction function for the transactions in order to bring energy producers and consumers together. The study emphasizes the transparency and security of transactions in a decentralized environment. She comes to the conclusion that the development of IOTA 2.0 offers companies the opportunity to build advanced marketplaces for energy trading that work flawlessly with the help of the smart contract function.

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