20240020707. Systems and Methods for Generation of Energy-Backed Digital Units Stored in a Decentralized Ledger simplified abstract (Farad Technologies Group, LLC)
Contents
Systems and Methods for Generation of Energy-Backed Digital Units Stored in a Decentralized Ledger
Organization Name
Inventor(s)
Nicholas Vandenbrekel of Orlando FL (US)
Systems and Methods for Generation of Energy-Backed Digital Units Stored in a Decentralized Ledger - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240020707 titled 'Systems and Methods for Generation of Energy-Backed Digital Units Stored in a Decentralized Ledger
Simplified Explanation
The patent application describes a system and method for generating a digital medium of exchange blockchain based on a metered amount of generated electrical energy. Here is a simplified explanation of the abstract:
- A meter computing system is coupled to a power generation source and includes a sensor to monitor the amount of electrical energy generated over time.
- The meter computing system determines when the amount of generated electrical energy reaches a predetermined increment of power.
- Based on this predetermined increment, the meter computing system generates a digital unit that includes a unique hashed digital signature with unit traceability data.
- The digital unit is stored within a decentralized ledger accessible by the meter computing device.
Potential Applications:
- Renewable Energy Trading: The technology can be used to create a digital medium of exchange for trading renewable energy based on the amount of electrical energy generated.
- Carbon Credit Market: The digital units can be used as a form of currency in carbon credit markets, where the amount of generated electrical energy can be used to determine the value of the digital units.
Problems Solved:
- Traceability: The unique hashed digital signature and unit traceability data ensure that the digital units can be traced back to the specific amount of electrical energy generated, providing transparency and accountability.
- Efficiency: The system automates the generation and storage of digital units, eliminating the need for manual tracking and record-keeping.
Benefits:
- Renewable Energy Incentives: The digital units provide a tangible and tradable representation of the generated electrical energy, incentivizing the production of renewable energy.
- Transparency and Accountability: The decentralized ledger and traceability features ensure transparency and accountability in the generation and trading of digital units.
- Streamlined Processes: The automation of digital unit generation and storage simplifies the process of tracking and managing the generated electrical energy.
Original Abstract Submitted
systems and methods are provided for generating a digital medium of exchange blockchain that is based on a metered amount of generated electrical energy. in one example, a meter computing system coupled to a power generation source can include a sensor that monitors an amount of electrical energy generated by the power generation source over time. the meter computing system can determine when the amount of electrical energy generated by the power generation source reaches a predetermined increment of generated power. the meter computing system can generate a digital unit based on a correlation to the predetermined increment of generated power, wherein the digital unit comprises a unique hashed digital signature that includes unit traceability data. the meter computing system can store the digital unit within a decentralized ledger accessible by the meter computing device.
