The emergence of the blockchain has interested representatives from many sectors of the economy. the energy industry didn’t become an exception.
How the blockchain will be used
Start-ups developing projects in the energy sector offer to use blockchain for:
1. support for renewable energy producers;
2. implementation of transactions on purchase and sale of electricity;
3. eliminating intermediaries;
4. sales of surplus electricity at the peer-to-peer level;
5. balancing, registration and calculations;
6. wholesale trade of oil and gas;
7. Transportation of oil products.
Blockchain has been actively studied recently so it’s early to talk about fully implemented projects. Small companies and multinational giants are actively engaged in testing of new technologies.
Examples of project.
TEPCO is one of Japan’s largest companies, providing supply of electricity to houses. TEPCO together with the British Electron is developing a blockchain for transactions. The main purpose is to improve capacity distribution and reduce costs.
Singapore Power is a state-owned company that supplies gas and electricity to the population. The objectives of the development are: reducing the cost of utilities and the integration of electricity generated from renewable sources.
A lot of small start-ups propose to use the blockchain for the peer-to-peer electricity trade. Start-ups such as: WePower, SmartEnergy, SolarCoin, EDRCoin, Power Ledger, LO3 Energy.
The multinational giants are also involved in this. They created a consortium, which included Shell, BP, Statoil, Mercuria trading company and Societe Generale, ING banks. The project expects to create a blockchain-based platform for oil trading by the end of 2018.
BP and Eni, as well as Enel and E. On, conducted trial gas sales transactions with each other using the blockchain.
The largest European utility companies are testing the productivity of the blockchain project Enerchain.
The prospects of the project.
Experts accept that all projects related to the “green” energy, are more charitable than real business projects. Their market share is unseen.
Transnational companies will certainly finish these projects. This will significantly change the process of selling and transporting energy resources.
Almost none of the project doesn’t specify that the blockchain will be used for R & D in the energy sector, as does the Russian project RusGas. large corporations have their own research and development departments for this purpose. But small projects cannot do it, because of the specifics of the object of research.
