20240022441. 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 20240022441 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 creating a digital medium of exchange blockchain based on the amount of electrical energy generated. Here is a simplified explanation of the abstract:
- A meter computing system is connected 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 generated electrical energy reaches a predetermined increment.
- When the predetermined increment is reached, the meter computing system generates a digital unit that includes a unique hashed digital signature with unit traceability data.
- The digital unit is stored in a decentralized ledger accessible by the meter computing device.
Potential applications of this technology:
- Renewable Energy Trading: The digital units can be used as a medium of exchange for trading renewable energy generated by different sources.
- Carbon Credits: The digital units can be used to track and trade carbon credits based on the amount of renewable energy generated.
- Energy Efficiency Incentives: The digital units can be used to incentivize individuals or organizations to generate more renewable energy by providing rewards or discounts.
Problems solved by this technology:
- Traceability: The unique hashed digital signature and unit traceability data ensure the authenticity and traceability of the digital units, preventing fraud or manipulation.
- Efficient Energy Trading: The use of a decentralized ledger allows for transparent and efficient trading of renewable energy, eliminating the need for intermediaries and reducing transaction costs.
Benefits of this technology:
- Promotes Renewable Energy Generation: By providing a digital medium of exchange, this technology encourages the generation of renewable energy, contributing to a more sustainable energy ecosystem.
- Increased Transparency: The decentralized ledger ensures transparency in energy trading, allowing participants to verify the origin and authenticity of the digital units.
- Cost Savings: The elimination of intermediaries and the use of digital units reduce transaction costs associated with energy trading.
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.
