Dipole Integrating Chainlink Oracles for Pricing Distributed Energy Markets
Dipole is excited to announce that it will be integrating Chainlink’s market-leading decentralized oracle network. Chainlink integration will allow Dipole to deliver on our goal of distributed energy resource trading by allowing our energy resource aggregator to source reliable pricing data from a variety of trusted API data sources. Chainlink will also allow users to purchase energy resources on our marketplace using traditional and cryptocurrency payment options.
Dipole for Distributed Energy Trading
Dipole is an award-winning clean-tech company that brings blockchain technology to distributed energy resource management. Our aim is to provide services for the massive and fragmented distributed energy asset market that will emerge in the near future, as well as facilitate the decarbonization of the energy system.
Dipole is developing an independent Substrate-based blockchain on the Polkadot network, which records all stages within the energy industry and interoperates with other systems. Our EMS platform allows secure and reliable energy trading, where users can access a customized energy management module and trace their energy consumption in real-time.
Working alongside the UN Environment Program (UNEP), Dipole Tech already has regional energy allocation projects underway in communities in Manila and Bangkok, providing decentralized tools that allow customers to monitor, manage, and buy electricity in local markets.
The Need for Chainlink Oracles
Distributed energy trading demands a huge amount of on-chain and off-chain data interaction. Bridging these two environments requires an oracle. Not only does the oracle need to allow data to pass between the two environments, but it needs to do so in a manner that is as secure as the underlying blockchain to avoid any single point of failure.
Chainlink is a decentralized oracle network that enables developers to decentralize the data source and node operators of the oracle mechanism. With the largest collection of independent, Sybil-resistant node operators in the world, Chainlink allows multiple node operators to be aggregated to form a decentralized oracle that sources and delivers data to the smart contract without a single point of failure.
Chainlink also leverages modular external adapters, which allow Chainlink nodes to pull data from premium, password-protected data APIs. With most high-quality energy data coming in the form of premium APIs, this is a critical function for Dipole to price energy assets. External adapters are also important for handling credentials when interacting with external payment systems and other blockchains.
Dipole and Chainlink Integration
Through Chainlink’s decentralized oracle network, Dipole can securely and reliably bring high-quality off-chain pricing data to our on-chain energy trading markets. This allows our energy aggregator, which takes in all the energy inputs provided by users and distributes them to consumers, to consistently price energy in a manner that reflects global and/or local markets.
Chainlink allows Dipole to take in high-quality data from multiple sources to avoid any single source of truth, giving energy markets greater market coverage. This brings strong data authentication to off-chain data used by Dipole, especially since Chainlink nodes digitally sign each piece of data they provide.
Dipole’s blockchain and energy marketplace will also deal with financial transactions among multiple parties, which will require confirmation of off-chain payment information and/or data transfers to our blockchain. Chainlink oracles can be used to attest to off-chain payment information, bridge data from other blockchains, or interface with existing payment providers in local markets.
In the future, Dipole plans to explore the use of Chainlink’s technology stack to facilitate the creation and trading of non-fungible tokens (NFTs) that represent renewable energy assets. These assets would require off-chain pricing data, which could be provided by Chainlink’s oracle network.
Kaikai Yang, CEO of Dipole, commented:
“It is my belief that our integration of Chainlink’s decentralized oracle network will greatly boost the application of blockchain in the pursuit of carbon neutrality. An energy system with transparent data and trusted transactions will help off-grid users, or users in developing countries, gain access to clean electricity — advancing equitable and sustainable development across the world.”
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Loopring, Aave, OpenLaw, Conflux, and many others.
If you’re a developer and want to connect your smart contract to existing data and infrastructure outside the underlying blockchain, reach out to them here! They can help you quickly and securely launch your data-enabled application or Chainlink Price Reference Data Contract on mainnet today. You can also visit the developer documentation or join the technical discussion on Discord. Learn more by visiting the Chainlink website or following them on Twitter or Reddit.
Dipole Tech is Distributed Energy Resource aggregator, providing services for the massive amount of distributed energy assets that will emerge in the future and facilitating the decarbonization of the energy system. Dipole Tech develops an independent Substrate-based blockchain which records all stages within the industry and enables interoperability from DER assets. Learn more by visiting the Dipole Tech website or following them on Twitter.