Blockchain use – case: Energy
Applications of Blockchain or distributed ledgers have drawn a huge sum of interest across various fields,such as health care
financial institution, logistics, energy sectors and so on. Blockchain has been known for it’s transparency and security, which enables complex services to be implemented using decentralized storage and consensus mechanisms. An industry in which blockchain can be of utmost use is the energy sector, as we have observed through our venture Deep
Some of the use cases of blockchain in the energy sector are:
Blockchain is great for the creation of network for both public and private EV charging stations that allows users to know where and when to charge their vehicles, and perform transactions based on transparent price information.This is necessary as the adoption of electric vehicles is expected to increase in the next years, reaching 30 million vehicles in circulation by 2030, The systems that allow energy trading between drivers will become a necessity.
Wholesale energy exchange:
The aggregation of the data at the intersection between the local grids permits the monitoring of energy consumption and generation at national and regional levels in real-time. A Blockchain/AI/IoT-powered electric grid will allow the directional flows of both energy and information within local grids.with this middle men roles becomes obsolete because rel time information available to relevant actors of the market
Peer-to-peer energy trading:
with the continuous drop in prices of Photovoltaic (PV) panels, as well as battery technologies and energy storage, are progressively making it both possible and profitable for individuals to trade their energy on a peer-to-peer level.
As a distributed ledger, Blockchain has the potential to play the role of a reliable and cost-efficient platform that connects
energy-trading peers together.
Green energy and carbon emission certificates:
Through effective tracking mechanisms,the reduction of global carbon emission levels can be achieved.The current certification systems that are used to track renewable energy generation and carbon footprints are far from being transparent and effective. Blockchain allows the tokenization of energy and carbon credits automatically,based on data feeds coming from smart meters and IoT devices. These tokens will replace the current certifications and will facilitate the trade of such products between companies and individuals in a totally transparent way.
The same type of problem (distributed networks needing decentralized value transfer) happens also on internet of things (IoT) solutions for sensor data. One can imagine a much better carbon footprint tracking if a regulatory or certification agency installed blockchain equipped sensors on power stations – that data could be used to emit carbon assets for trading on a cross-border markets, meaning a better allocation of capital on more efficient power generation.
Blockchain can be directly applied to monetize and control both production and consumption in a distributed network of energy providers and consumers.
Blockchain can also be used to track and schedule ongoing maintenance and repairs. Operations and maintenance (O&M) is significant for all technologies, but is especially critical for thermal systems, such as natural gas and coal, since they have lots of moving parts.”“There are numerous applications for a distributed ledger in the energy sector. Blockchain system will be used to manage generation assets, delivery of power and then to reconcile the transaction associated with that delivery. Essentially in application, what you’re talking about is grid management. The advantages of using a blockchain system for grid management in security,redundancy and transparency are :
since blockchain are notoriously difficult to hack into,
especially if you have authorized users with private hashes.
so that everyone with access to the blockchain can see who did what and
when, which also adds security.
And finally, redundancy ensures that nothing
can happen to the ledger that could erase a “master” copy or have a single
system fail and crash the system
Remember, that TRUST is a major reason for blockchain to be used, so renewable is a great way to go. Because people want to be sure that if they have opted to buy energy from a renewable source, that they also get it 100% sure.
CoinFest Nig 2019 Highlights/Report on Blockchain Education.
Blockchain, how effective