Ethereum BlockChain, IoT, Moralis, Ethereum Virtual Machine
- EVM (Ethereum virtual machine)
About the Client
LM (abbreviated for confidentiality) is focused towards building sustainable solutions that enable scaling of green technologies in remote and off-grid communities.
The founding team has worked in prominent positions in the industry in renewable energy and Advanced technologies like BlockChain, IoT, etc. Moreover, the founders have a clear understanding of the practical use cases of BlockChain, IoT and other related technologies. Based on their industry experience, the team has already built multiple solutions that are being availed by their customers on a pay to use model.
In the current project, NetTantra has collaborated with LM to work on a solution in the IoT and BlockChain space that allows flexibility in collaborating with energy service providers. More details about the project and collaboration are shared in the next sections.
LM has established a robust infrastructure to generate solar energy from solar cells, which is being transferred to the local power grid. These power grids are being handled by local service providers, who pay LM for the amount of energy transferred to the grid.
However, since most of the services offered by LM are accessed in remote locations, the payment processing was quite tedious. Moreover, the current system didn’t have a consistent mechanism to calculate the exact amount of power transferred, which made it difficult for LM to charge the service providers.
Based on the situation at hand, LM wanted to implement a solution that allows ease of transfers, and gives accurate estimates of the energy generation. This was done by NetTantra using BlockChain and IoT, the details of which are shared below.
Collaboration with NetTantra
To address the issue, LM proposed a solution, where the team wanted to track the energy generated with the help of an IoT system that is connected directly with the solar panels. The amount of energy generated is estimated with the IoT system, and these values are then sent to the ethereum virtual machine. LM wanted the NetTantra team to implement a business logic that gives an accurate estimate of the expense incurred for the energy transferred to the grid, and makes a transfer from the service provider’s wallet to the LM’s account in ethereum currency. With this, the client can ensure accurate estimates of power generated, and get instant payments.
Based on the proposed solution, NetTantra worked with LM to implement the necessary logic in IoT devices that enables calculation of energy generated, and set up the business logic on ethereum blockchain and established smart contracts that allows seamless transfers as soon as the energy is transferred to the local service provider.
NetTantra also ensured that the new system provides a seamless experience, and also included multiple dynamic features that allows LM to deploy the same solution with any local service provider, irrespective of their pricing mechanisms and currency conversions.
Moreover, this solution was built on the Moralis platform, which gives a lot of additional features to the LM team. In future, the team can add many new capabilities in their solution, i.e. setting up on-chain notifications, monitor smart contract events, generate indexes, etc.
NetTantra worked with the LM team to ensure that the team has accurate estimates of the energy generated from solar panels and is securing instant monetary transfers for energy supply to service providers. With the implementation of the proposed solution, the client was successfully able to address all the issues at hand. Moreover, NetTantra also provided enough flexibility so that LM could scale the existing solution easily. With such a solution, NetTantra has ensured the long term relevance of the delivered product, and provided convenient options to scale the same solution in the future.