Omega Grid has developed a local energy market software platform that represents a light-weight wholesale system suitable for distribution grids. The financial market software helps determine the most efficient mix of generation and loads on a local grid.
Our Local Energy Market software is built with blockchain architecture, avoiding the need for a central clearinghouse, a single point of failure for the market, and expensive communication infrastructure to address latency. The platform accounts for local grid limitations and interfaces with the existing wholesale markets.
Some blockchain designs (like Bitcoin's) use a great deal of energy. We designed Omega Grid to be energy efficient.
Proof of Work algorithms are the reason that many blockchains use so much electricity. Omega Grid is built on an energy efficient Proof of Authority model. We also interface with public blockchain Proof of Stake networks that similarly use much less energy than Proof of Work blockchains.