SolarChain - power trading

Challenge

An upcoming liberalization of the electricity marketplace may take place

In this context, a solution which:

*Avoids relying on a central authority

*Fully automates the switching process

*Ensures energy efficiency

*Guarantees absolute security and reliability

*Ensures that every market actor gets the necessary information

would be valuable: A Decentralized Ledger Technology could be such a solution

A natural use case would involve photovoltaic installations. Designing a set up in which decentralized consumers and decentralized producers could trade is asked in this challenge

Inspiration

We want to connect electricity producers and consumers through blockchain in order to create an easy solution for energy investment and energy consumption.

What it does

We created a marketplace in which investors can trade panel ownership as virtual assets (NFTs). Each token represents one photovoltaik installation. The investors can lend the panel to customers who need it and charge according to the electricity usage.

How we built it

We used the Algorand JavaScript SDK to connect to the blockchain. We built both a NodeJS backend and a web frontend with AlgoSigner browser wallet integration. We create NFTs to link physical assets to the blockchain. This helps us to make power purchase agreements (PPAs) that can verify the location and type of the panels in the blockchain. We also use blockchain to guarantee supply and payment.

Challenges we ran into

We were unfamiliar with Algorand.

Accomplishments that we're proud of

To make a working demo. Please check our website!

peer2panel.com

What we learned

An introduction of the electricity market (thanks for this!)

What's next for SolarCoin

We would like to find investors and make a full MVP, including hardware components. We will also add a marketplace to purchase Certificates of Origin; this marketplace is similar to the one for PPAs, but currently not included in our demo.