Inner Mongolia Power Group Files Patent for Blockchain-Based Power Trading Management System to Enhance Efficiency and Security

Inner Mongolia Power Group Files Patent for Blockchain-Based Power Trading Management System to Enhance Efficiency and SecurityOn December 18, 2024, the State Intellectual Property Office of China announced that the Inner Mongolia Power (Group) Co., Ltd

Inner Mongolia Power Group Files Patent for Blockchain-Based Power Trading Management System to Enhance Efficiency and Security

On December 18, 2024, the State Intellectual Property Office of China announced that the Inner Mongolia Power (Group) Co., Ltd. Inner Mongolia Power Economic and Technological Research Institute Branch had filed a patent application for a "Power Trading Management System and Method Based on Blockchain" (publication number CN119130646A), with an application date of August 2024. This patent application marks a significant step for Inner Mongolia Power Group in leveraging blockchain technology to improve the efficiency and security of power trading.

The patent abstract details the system's composition and functionality. The system comprises five modules: a data collection module, a transaction module, a bidding module, a blockchain smart contract module, and an enterprise evaluation module. These modules work together to automate, increase transparency, and secure the power trading process.

The data collection module forms the system's foundation, receiving power purchase requests from buyers and power sale offers from sellers. After verification, this information is stored on the blockchain. The use of blockchain technology ensures data authenticity, integrity, and immutability, effectively preventing data falsification and manipulation.

The transaction module handles power trading applications and confirmations. Traditional power trading processes are complex, inefficient, and prone to human error. The blockchain-based system automates the transaction flow via smart contracts, significantly improving efficiency and minimizing human intervention.

The bidding module is a key highlight. Employing a dynamic bidding model, it adjusts power prices in real-time based on market supply and demand, optimizing power resource allocation. This bidding model enhances efficiency while ensuring fair and transparent market pricing. By solving an objective function with constraints, the module finds the optimal selling strategy for sellers, maximizing their profits and improving transaction success rates.

The blockchain smart contract module is the system's core. Smart contracts automatically execute the various stages of power trading according to pre-defined rules, eliminating manual intervention. This improves efficiency and reduces risks. The module generates pre-set transaction orders for both buyers and sellers, standardizing the process and ensuring legal and valid transactions.

The enterprise evaluation module assesses the creditworthiness of buyers and sellers. Credit assessment is crucial in power trading, mitigating risks and improving efficiency. The system comprehensively analyzes historical transaction data and credit records to assess creditworthiness, providing valuable insights to both parties and enhancing security by reducing bad debt risks.

In summary, Inner Mongolia Power Group's patent application for this blockchain-based power trading management system offers significant technological advantages and application value. It leverages blockchain technology to ensure reliable and tamper-proof transaction information, addressing inefficiencies, information asymmetry, and credit risks inherent in traditional power trading. The dynamic bidding model enables dynamic fluctuations in power trading volume and price, improving resource allocation efficiency. Solving an objective function with constraints allows the system to find the optimal profit-maximizing solution for sellers, improving transaction success rates and platform performance.

The system's application will significantly improve power trading efficiency and security, reduce costs, and promote healthy market development. It will benefit Inner Mongolia Power Group economically and provide a valuable reference for other power companies, driving digital transformation within the industry. This patent application demonstrates Inner Mongolia Power Group's commitment to technological innovation and industrial upgrading, signifying a future of more efficient, transparent, and secure power trading. The increased efficiency also enhances fairness and transparency, preventing market monopolies and unfair competition, ultimately promoting a healthy power industry. As blockchain technology matures and application scenarios expand, blockchain-based power trading systems will see wider adoption, supporting the development of cleaner, more efficient, and intelligent power systems. This technology will benefit not only power companies but also consumers through improved reliability and reduced costs. Inner Mongolia Power Group's innovative effort is commendable, and the system's early deployment will significantly contribute to energy sector development. This breakthrough also provides new ideas and references for other energy sectors and transaction scenarios requiring high security and transparency. This patent application underscores the vital role of technological innovation in the energy sector's transformation and upgrading, signaling a future of smarter, more digital, and greener energy.