Blockchain is a key driver in the transformation of The Power Grid to The Smart Grid.
Improving the efficiency of our power grid and energy sources contributes to sustainability. We believe blockchain will have a major impact on the energy sector (as well as many other sectors for that matter — it promises to be the major transactional layer of the web going forward).
Current energy infrastructure is desperate for innovation. Our energy system has essentially remained the same since the late 1800s. Energy companies push energy to the consumers. A one way street.
And the journey is a long one. Studies have shown that up to 15% of power gets lost along the way. Consumers pay the tab. And our environment feels the CO2 impact. The global energy industry is responsible for two thirds of greenhouse gases according to the International Energy Agency.
A blockchain is a shared, encrypted ledger that is maintained by a network of computers. These computers verify transactions and data between individual users. Each user can access the ledger, and there is no single authority.
We’re excited about blockchain applications, from enabling direct consumer access to the grid and cutting out the middlemen energy retailers to peer-to-peer energy trading, to unlocking the power of Distributed Energy Resources (DERs) for ancillary grid services, which typically use renewable energy sources. The list is long: EV charging and the replacement of the volatile Solar Renewable Energy Credit (SREC) markets.
Leveraging blockchain’s inherent security benefits will provide critical grid cyber security, transparency, smart contracts and more. Startups, established players, legacy utilities and technology behemoths are launching new blockchain-based products and services catered towards the energy sector.
Think Digital Utilities.
We´re in particular impressed with the work of hubii, a Bergen based company with an international footprint.
Hubii has developed a blockchain protocol (called Nahmii) on Ethereum that solves two major problems regarding industry adoption: speed of processing and fee predictability. We have known the Founder and CEO, Jacobo Toll Messia, since he nurtured his idea at BTO years ago. He is smart, focused and very very determined. He has built a world class management team with presence in London and Bangkok.
We are partnering with Hubii to educate and guide the energy, seafood and transport industries into the world of blockchain — first as a professional service, leading then to adoption of the protocol which will then generate revenue based on each transaction. Enormous scale potential.