Integrating physical devices with IOTA — Peer-to-peer energy trading with IOTA Part 1
The full article was originally published by Hugo Gregersen on Medium. Read the full article here.
Integrating physical devices with IOTA — Peer-to-peer energy trading with IOTA Part 1The 18th part in a series of beginner tutorials on integrating physical devices with the IOTA protocol.Introduction
This is the 18th part in a series of beginner tutorials where we explore integrating physical devices with the IOTA protocol. This will be a two part tutorial where we look at using the IOTA token as the settlement currency in a peer-to-peer energy trading solution. In the first part we will focus on monitoring real time power consumption and making payments accordingly. In the second part we will look at dealing with variable energy prices.
In this first tutorial the solar panel is optional as we will primarily be focusing on the circuit between the energy provider batteries and the end customer.
The Use Case
Lately our hotel owner have been thinking about installing some new garden lights in the backyard of his hotel. Only problem is that there is no electricity available to power the lights in that particular area of the garden. When discussing this problem with his next door neighbor, the neighbor explains that he has a solar power system near by, and that he might be able to provide the additional electricity if he is compensated for the extra cost of scaling up his existing system. This sounds like the perfect solution, but one question still remains; how do they deal with payments so that it reflects actual power usage, and at the same eliminate the manual burden of monitoring usage and dealing with manual payments?
After thinking about this problem for a while the hotel owner pitches the following idea to his neighbor: