With a prototype that rethinks how energy storage works, Raj Sadaye and Arsh Padda took home a 1st and 2nd place trophy for ASU at The University of Wyoming. The team got 1st place in the Dash/Chainrider Blockchain Challenge and 2nd place in the WyoHackathon Interoperability Challenge.
The award-winning idea uses the Hyperledger Fabric blockchain to enable a peer-to-peer energy marketplace. Put simply, this project allows “prosumers” (those who produce and use energy) to balance the supply and demand of said energy. Any extra energy produced by the prosumer can be sold on the marketplace at a competitive rate to customers. This allows customers to access more competitive energy prices and allows prosumers to get rid of extra energy that would otherwise go to waste.
Take a look at IBM’s breakdown of the Blockchain Research Lab’s prototype.