How does the blockchain inject new power into the energy market?
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The “energy blockchain” enables the energy system to be fully decentralized, providing the infrastructure for complex networks for payment, sales, transactions and value distribution. Blockchain technology in the energy sector has strong application potential. In addition to performing energy supply transactions, it also provides the basis for metering, billing and settlement processes.
Lawrence Orsini, founder of LO3 Energy, the first-ever application of the energy blockchain project, said, “Bitcoin has changed finance to a large extent, but blockchain applications in the energy sector may play a bigger role.”
The “energy blockchain”, the innovative application of blockchain technology in the energy sector, allows the energy system to be fully decentralized, providing infrastructure for complex networks for payment, sales, transactions and value distribution, especially in In the power network. Blockchain technology The energy sector has shown strong application potential. In addition to performing energy supply transactions, blockchain technology can also provide the basis for metering, billing and settlement processes. In recent years, technology investment activities in the energy blockchain have also been very active.
The energy blockchain has three major advantages:
1. Simplify multi-layer systems:
Energy supply contracts can be communicated directly between producers and consumers, while multi-layer structures such as intermediate power producers, distribution system operators, transmission system operators and suppliers can be skipped by blockchain information sharing.
US energy blockchain company LO3 Energy has formed a joint venture with Siemens digital grid and blockchain operator ConsenSys to establish a blockchain-based microgrid project to achieve peer-to-peer power trading between community residents. If a household has excess electricity, it can access smart meters and sell excess power to community neighbors. Due to the automation of the blockchain, almost no management personnel are involved in the whole process.
2. Automatically control the energy network:
Blockchain smart contracts can automatically send information to the system, formulate trading rules, ensure automatic control of energy and storage flow, greatly enhance the supply and demand flexibility of the energy network, and effectively achieve supply and demand balance without cumbersome manpower operations.
Electron in the UK uses blockchain technology to provide flexible adjustments to the power supply of the grid, enabling real-time transactions, allowing consumers to adjust energy consumption habits in the form of transaction compensation, and suppliers can respond to real-time price signals.
3. Safely record energy flow:
The blockchain can safely and permanently store all energy transaction data, prevent tampering and loss, and realize data visualization and precision. In addition, the blockchain can automatically complete the issuance of renewable energy certificates (REC certificates) based on actual power generation. After the transaction, real-time recording also makes real-time monitoring possible. Once a field is detected, equipment maintenance and related fee payments can be followed up immediately, and the compression process is long.
Ideo CoLab, the world’s leading design consultancy, has integrated its functions with Nasdaq’s Linq platform and Filament’s hardware, using blockchain to generate power generation based on power generation, allowing small power generation organizations to Easy tracking, certification and trading of electricity.
■ Source: HK blockchain industry
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