Toyota will try out blockchain to help companies, homeowners and electric car drivers exchange surplus power

According to foreign media reports, the automaker Toyota will pilot a blockchain-driven P2P energy trading system that will allow companies, homeowners and electric car drivers to exchange surplus electricity. Under this system, companies, homeowners, and tenants using solar panels and battery storage systems can sell excess spontaneous power to others through the digital trading market, which is priced to meet market supply and demand. A driver plugging a hybrid car can sell a portion of the vehicle's battery power to others or purchase additional power from others. In all trading processes, the blockchain will act as a “digital ledger” that creates a verifiable and secure audit trail. This not only improves the security of the system, but also helps consumers buy it when the electricity price is the cheapest or when the grid has the lowest amount of low-carbon electricity. The pilot system will be operational in Toyota Technology Center in Sagano, Japan starting next month, and its service will be extended to the surrounding area during the first month of operation. The project is jointly undertaken by Toyota and researchers from the University of Tokyo and the Japanese renewable energy company TRENDE and will continue to operate until May 2020.