Project PARITY has received funding from the European Union’s Horizon 2020 Framework Programme for Research and Innovation under grant agreement no. 864319. The aspiration of PARITY project is to address the “structural inertia” of existing distribution grids by delivering a transactive grid & market framework. PARITY will go beyond the traditional “top-down” grid management practices by delivering a unique local flexibility market platform through the seamless integration of IoT and blockchain technologies. By delivering a market for automated flexibility exchange based on smart contracts & blockchain, PARITY will facilitate efficient and transparent local flexibility transactions and reward flexibility in a cost-reflective and symmetric manner, through price signals based on real-time grid operational constraints and available DER flexibility. By deploying State-of-the-Art IoT technologies PARITY will offer distributed intelligence (DER profiling) and self-learning/self organization capabilities (automated real-time distributed control), orchestrated by the cost- reflective flexibility market signals generated by the blockchain market platform. Within PARITY, DERs will form dynamic clusters that essentially comprise self- organized networks of active DER nodes that will efficiently distribute and balance global and local intelligence, enabling real-time aggregated & P2P transactions through enhanced forecasting, optimization and control of DER flexibility. Finally, the PARITY solution includes novel tools for Active Network Management, including an innovative STATCOM and PQ monitoring device, that will enable the DSO to enhance its management capabilities, grid observability and RES hosting capacity.