Virtual Power Bank Platform for Renewable Energy Grid Stability
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Solution Overview
Problem
Current digital platforms lack mechanisms for end-consumers to access renewable energy sources, track energy sources, manage unpredictable energy consumption patterns, and provide transparent power management and settlement solutions, leading to issues like inaccurate load management, grid failures, and inadequate power pricing.
Innovation Solution
A unified digital platform-based system for developing virtual power banks that analyzes data from multiple sources to generate virtual power banks associated with power management and settlement attributes, using blockchain technology and smart contracts for secure and transparent transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If existing digital platforms are used for energy management, then basic power transactions can be facilitated, but mechanisms to track energy sources and manage unpredictable consumption patterns are lacking
Solution Approach 1:
The patent implements feedback mechanisms through smart contracts that automatically track and record energy generation sources, consumption patterns, and transaction details on a blockchain ledger. This provides continuous verification and transparency, ensuring reliable power management while preventing information loss about energy origins and usage.
Solution Approach 2:
The patent introduces virtual power banks as intermediary entities that mediate between renewable energy generators and end consumers. These virtual power banks tokenize energy credits, enabling traceable transactions and reliable tracking of energy sources throughout the supply chain while managing unpredictable consumption patterns.
2Productivity
If renewable energy sources are accessed without proper mechanisms, then clean energy utilization increases, but load management accuracy and grid stability deteriorate
Solution Approach 1:
The patent implements dynamic load management through real-time monitoring and adjustment mechanisms. Smart contracts automatically adjust energy distribution based on current grid conditions, consumption patterns, and renewable energy availability, enabling high renewable utilization while maintaining grid stability through adaptive control.
Solution Approach 2:
The patent enables self-service capabilities where virtual power banks and smart contracts autonomously manage energy transactions, load balancing, and grid interactions without centralized control. This allows renewable energy sources to self-regulate their contribution to the grid, maintaining stability while maximizing clean energy utilization.
3Ease of operation
If traditional power pricing mechanisms are used, then simple billing is achieved, but transparency in energy utilization and accurate reflection of renewable energy value are lost
Solution Approach 1:
The patent implements feedback-based pricing where smart contracts automatically provide consumers with detailed information about their energy consumption patterns, source attribution, and pricing calculations. This maintains billing simplicity through automated processes while enhancing transparency by providing real-time feedback on energy utilization and renewable content.
Solution Approach 2:
The patent creates a universal pricing framework that handles multiple energy sources, transaction types, and consumer needs through a single blockchain-based system. This maintains operational simplicity by unifying pricing mechanisms while providing comprehensive transparency across all energy transactions and utilization patterns.
Data Source
AI summary
A system and method for developing unified digital platform based virtual power banks is provided. A second data type is derived by analyzing record types. The record types are obtained from the first data type received from multiple sources. Virtual power banks are generated by employing the first and second data types fetched from database. Dynamic actionable items relating to the virtual power banks are generated from the first data type and the second data type. One or more variables are identified that correspond to different types of dynamic actionable items for categorizing the dynamic actionable items based on the identified variables. Lastly, optimization operations are performed on values of each of the identified variables to obtain an optimized final weightage value of the virtual power banks, accessed via a unified digital platform, based on which one or more operational parameters associated with the virtual power banks are determined.