Countries Test Solar Energy Exchange Using Blockchain Technology

Mar 27, 2018

Competitions for commercializing services that are based on blockchain technology are becoming very active within global energy markets.
Australia started testing solar energy trading between solar energy users through blockchain technology. This is its attempt to utilize blockchain technology to manage power systems that are established throughout its wide country. Japan is attempting to manage breakdowns of charging of electric vehicles and hybrid cars through blockchain technology.
However, these attempts are still in their beginning stages. Many businesses are showing interests to connection between energy industries and blockchain and are trying to propose new services. However, there is yet to be any example of successful commercialization.
Many businesses are turning their heads towards blockchain technology as a way that will change current exchange structure that has sales businesses between power plants and consumers into a direct transaction. By doing so, they will be able to reduce costs of installing facilities to transmit and distribute power and costs of distribution.
President Street’s Microgrid Sandbox in Brooklyn, New York has recently started drawing attention as an example of utilizing blockchain technology. Solar energy is exchanged between neighbors without any interference from power companies. This project is pushed by Lo3 Energy and ConsenSys. While Lo3 Energy developed Microgrid, ConsenSys developed blockchain exchange solution.
President Street is divided into two. While one side has five solar energy panels, the other side buys power that is left over from households that have solar energy panels. Breakdown of every transaction is stored and managed through blockchain network. Lo3 Energy is planning to expand range of Microgrid so that every user within same area can carry out P2P (Peer to Peer) power exchanges.
Although blockchain technology is not used yet, number of P2P power exchange services that can be applied with blockchain technology in the future is starting to grow. England completed demonstration of a P2P power exchange platform called in 2016, when South Korea started demonstration of its energy prosumer transactions, and it is currently working on expanding service of this platform. This platform allows consumers to pick and choose renewable energy providers and receive electricity from them.
Vandebron from Netherland started a service that allows consumers to choose price and duration of electricity that they want. Consumers do not have to follow terms that electricity providers provide and they can find out where and how their electricity was produced. All of these services are available on websites.
Staff Reporter Cho, Junghyung | jenie@etnews.com

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