“Blockchain is based on a distributed, decentralized paradigm technology which allows the exchange of any kind of value between peers without any intermediaries” – Luis Pastor
Blockchain is most commonly known as the technology that underpins cryptocurrencies, the most well-known of which is Bitcoin. But the capability of the technology goes further than just the banking industry as it can also be harnessed to transform the renewable energy industry. Blockchain is set to transform the renewable energy industry in many ways from certifying the source of green energy by allocating generation assets to a specific point of consumption to making energy grids more accessible through data-sharing in real-time and through enabling a transaction between two parties. The energy system in most countries is a centralized one but this is beginning to change as traditional consumers are evolving to simultaneously consume, produce and sell energy e.g. through installing solar panels and selling surplus electricity through a P2P transaction via blockchain. The benefits of this P2P energy trading system can be felt by consumers, prosumers, grid operators, and even utilities. In 2019, the International Renewable Energy Agency found that a distributed energy sharing system can result in cost savings for individual consumers and prosumers.
Industries looking to implement blockchain technology into wholesale electricity distribution focus on connecting end-users with the grid. Blockchain technologies combined with IoT devices enables consumers to trade and purchase energy directly from the grid rather than from retailers.
Topics of Discussion
- Introduction to Blockchain.
- Peer-to-Peer Energy Trading.
- Blockchain Enabled Smart Grid.
- Research opportunities at Amrita.