Xujie Software Files Patent for "Method for Generating Smart Contracts in Power Trading," Pushing Virtual Power Plant Development

Xujie Software Files Patent for "Method for Generating Smart Contracts in Power Trading," Pushing Virtual Power Plant DevelopmentFinancial World, November 15, 2024. The National Intellectual Property Administration of China (CNIPA) reveals that Xuchang Xujie Software Technology Co

Xujie Software Files Patent for "Method for Generating Smart Contracts in Power Trading," Pushing Virtual Power Plant Development

Financial World, November 15, 2024. The National Intellectual Property Administration of China (CNIPA) reveals that Xuchang Xujie Software Technology Co., Ltd. has filed a patent for a "Method for Generating Smart Contracts in Power Trading," with publication number CN118944033A, filed in May 2023.

This patent pertains to a method for generating smart contracts in power trading, falling under the category of data security technology. The patent abstract indicates that the method involves connecting various distributed energy entities to a blockchain network constructed by a virtual power plant operator. The operator predicts power generation and load for the next time period based on historical load data and historical power generation data, broadcasting the predictions to the virtual power plant blockchain network. Based on this, each distributed energy entity determines its trading plan and publishes it on the blockchain network. After the virtual power plant operator confirms the published trading plans, the smart contracts become effective.

This patented technology utilizes blockchain technology to generate smart contracts, effectively addressing several key challenges faced by virtual power plant development:

• Reliable Information Transmission: The decentralized nature of blockchain technology ensures data information transmission without relying on any central authority, guaranteeing information reliability.

• Coordination between Distributed Energy Entities: Blockchain's distributed ledger technology enables effective recording and verification of transaction information between distributed energy entities, fostering collaborative efforts.

• Trust Issues: Blockchain's technological characteristics establish a trusted trading environment, effectively resolving trust problems between distributed energy entities.

• Reduced Information Interaction Costs: Blockchain technology streamlines transaction processes, lowers information interaction costs, and improves trading efficiency.

This patented technology holds promise for future advancements in virtual power plant development, providing technical support for the evolution of the energy internet.

Virtual Power Plants and Smart Contracts

A virtual power plant aggregates dispersed distributed power sources, energy storage facilities, and loads, leveraging information and communication technology and control technology to manage and dispatch them as a unified entity, mimicking the functionality of a traditional power plant.

Smart contracts are code stored on a blockchain, designed to automatically execute pre-defined protocol terms. In virtual power plants, smart contracts can be employed for:

• Transaction Settlement: Smart contracts automate power trading settlement, ensuring fairness and transparency in transactions.

• Resource Dispatch: Smart contracts can automatically dispatch resources within a virtual power plant based on preset rules, enhancing resource utilization efficiency.

• Risk Control: Smart contracts are applicable for controlling risks within a virtual power plant, such as power supply disruptions.

Xujie Software's Patented Technology

Xujie Software's patent technology leverages blockchain technology, offering a novel solution for smart contract generation within virtual power plants. This technology effectively tackles key challenges faced by current virtual power plant development, providing technical assurance for their construction and operation.

Future Outlook

As the energy internet undergoes rapid development, virtual power plants are poised to play a progressively crucial role. Xujie Software's patented technology will provide robust technical support for the advancement of virtual power plants, propelling the construction and development of the energy internet.

Source: Financial World, Author: Intelligence Officer