Advance Blockchain Technology, a Game Changer for Energy Sector

in #blockchain5 years ago (edited)

Blockchain is no longer a white paper but a technology that is transforming an entire world.

For the past two years distribution ledger based technologies and uses cases have been adapted by the leading global banks. Also, this technology in the center of Bitcoin/Ripple (payment) and Ethereum (smart contract performance based) has been the focus area in the Energy Sector and an important factor in Electricity Distribution and Markets. It’s not just only about reducing cost but solving other problems such as secure records in one single source, provable exchange, transparency, smart contracts and digital uniqueness impossible to forge. Overall, this new innovation is massive transaction cost reducers. In a perfect world, such a transective energy approach can direct those cost reductions to consumers.

Most people in the energy sector talk about blockchain in the context of smart metering systems and managing decentralized energy platforms. With traditional transaction models, transactions between network nodes are only possible via a third party as an intermediary. With blockchain you bypass the need for an intermediary because transactions are no longer stored in a central database, but among all participants/nodes in a system.

Here are couple of potential use cases of blockchain:

Patforms: P2P energy trading in and between distribution grids using blockchain technology, decentralized generations.

Most often discussed the fact that intermittent renewable power generation is increasing. Direct P2P trading with aggregation to virtual power plants is a viable way to assure system stability that could build on blockchain technology.

Processes: grid management, automation, mobility, communication, metering, energy flows, data transfer, audit, cybersecurity, billing and sales.

Tokenization energy production and storage consumption market.

Measurement of energy flows.

Blockchain-based microgrid intelligence system distributed to control microgrids, secure protocol layer delivering military-grade cybersecurity and real-time data auditable and immutable.

Several companies are testing new business models. Why not, blockchain based system is a secure device contract that can deliver everything we have been looking for real-time data auditable (transparent) and cost effective.


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