Decentralized Solar Using Blockchain Technology
【 Published by medium | Editor: Simon Balean】
Peer-to-Peer Energy Trading Model
The fast-growing solar energy installations in homesteads have led to an increase in energy ‘prosumers’ i.e. household equipment’s that produce and consume electricity. To capitalize on this trend, Peer-to-Peer transaction platforms have been launched to enable the buying and selling of energy generated from the solar installations.
Many blockchain application cases have been proposed for the solar energy sector. Peer-to-Peer (P2P) power trading model has been viewed as the best option as it helps the small-scale power generators to sell the excess power generated to other consumers. This platform is based on Ethereum blockchain technology to facilitate transactions among the members.
The distributed database on P2P blockchain model emulates the new power grid to adapt to the new market architecture. Blockchain offers significant advantages to the installation of distributed energy. This is useful in synchronizing real-time pricing response services offered by the grid with the real-time phase control systems to balance the operations of the grid with the distribution and market operation systems. It allows for transparent and accountable energy systems by integrating the physical and financial aspects of electricity.
The community solar energy design calls for individuals to come together and collectively pursue the common goal of using solar energy as an energy resource. Jointly Intentional Group Agent (JIGA) enables the individuals to collectively pursue their goal. In unity, a community is able to bring together individual contributions to yield a long-term resource. This idea is the foundation of a community solar system. Blockchain technology has been of great help in bringing together communal interconnectivity in the production and use of solar energy.
Initially, there existed a central power distribution plants. With the emergence of blockchain technology, it has been easier to evolve into a decentralized power system that enables energy consumers not only to use power from the grid but also to contribute to the amount of energy in the grid. Blockchain is appealing incorporations because of its various advantages. It uses a distributed database, which is decentralized across the entire network hence why there is not a central point that can be targeted by attackers like hackers.
Blockchain Energy Projects
Blockchain technology makes the use of distributed ledger technology (DLT), which is a system that adds the information of new transactions to previous records making a continuous chain of information. It embraces the concept of digital currencies to penetrate the financial sector and uses encryption techniques to secure data in the system. These concepts employed in blockchain technology can be applied in the energy sector to improve efficiency. The network is decentralized, requires no third-parties, and settles payments using cryptocurrencies. Blockchain projects utilize smart contracts making the processing of transactions faster credit letter is not necessary.
Blockchain offers a solution to increasing energy demands and recurrent power shortages and outages. Many projects have been put in place to explore the application of blockchain technology in curbing the problems associated with the original centralized, dependent and inefficient power grid systems.
Grid Plus
This project seeks to bring about a transition into the energy world by the use of ‘smart energy agent,’ empowered by the artificial intelligence hardware of the network. This hardware is accessible to users in their homes and helps them anticipate their demand for energy usage. The hardware is used to automatically buy energy when it is at the lowest price. The ‘smart energy agent’ accesses various energy markets and enables users to make decisions to buy within an interval of 15 minutes. All this happens automatically without involving the user.
Grid + users are able to sell excess energy generated by solar panels in their homes. Users can also safely store excess energy generated, sell it when prices are at the peak, and profit at maximum rates. Payments made in the buying and selling of energy in the Grid+ project is facilitated through the commonly used BOLT token.
Power Ledger
This is the world’s first platform to use blockchain technology in energy trade. It operates on a distributed peer-to-peer network of blockchain allowing automatic buying and selling of energy generated from home solar panels. It works by automatically detecting excess energy generated by the solar panels, stored in batteries and then selling a predetermined portion of that energy to neighborhood houses connected in the power ledger network.
Transactions in the Power Ledger networks are settled using its POWR token. A larger percentage of the transaction fee goes to supplying the house while the remedial is shared between the utility company and the Power Ledger network.
Electron
This is a decentralized blockchain platform in the UK aimed at enabling users to switch efficiently between natural gas and electricity energy sources. Energy meters in the existing metering system are required to be registered to the blockchain. This upgrade will increase efficiency in the existing systems. The lack of a centralized registry for natural gas and electricity meter in the UK is challenging as users need more time to switch between the two sources.
Electron aims to reduce the time spent in this switch by offering free meter registration to the utility companies and provide a decentralized blockchain network for P2P Energy trading for the network users.
eCharge
This project aims at implementing a blockchain network to connect stations for electric vehicle charging in Europe and in the Middle East region. Using the eCharge app, users will be able to identify hotels offering the charging facility, book and pay using ECH, the original eCharge payment token.
eCharge aims to increase the number of electronic vehicle charging stations in the region by offering free installation for their customers to enjoy the privilege of usage. This will help the hotels to offer valuable services to their customers without incurring initial installation fees. The electronic vehicle market is expected to grow drastically in the near future hence the need to embrace the advantages of the eCharge project. Generally, the adoption of blockchain technology in the energy sector is a concept being embraced by many stakeholders including big energy firms such as the British Energy and the Wien Energy in Austria.
■ Source: medium
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