The two parties have selected consulting firm Blocklab to manage an initiative in which an energy trading platform is being developed.
Guardtime and Intrinsic ID have been assigned to develop the energy trading platform on which suppliers can sell into the main grid their energy generated from distributed energy resources including wind, solar and energy storage systems.
Intrinsic ID will offer its IoT security technology BROADKEY for integration with Guardtime’s KSI blockchain technology to enable a secure decentralised and automated energy trading.
The BROADKEY solution will be used to verify devices participating in the virtual energy market place. The blockchain technology will be used to record data of every event happening within the market to enable each and every transaction to be verified independently.
The project is being implemented in phases with Phase 1 including a cloud-based demonstration of the energy trading platform. The two technologies will be connected with smart meters.
“Phase II of the project will be a pilot solution in an operating environment to test the management of energy consumption at peak hours by a complex group of energy providers and brokers. The data is stored in a distributed ledger, providing a near-real-time shared view for all participants.
“ Joining the ledger with unclonable identities provides access to authenticated, immutable data from smart meters – for both larger energy providers as well as homeowners with excess energy from solar panels. This enables new business models – such as switching between energy providers instantly, or preferring energy from a particular community – all based on interoperability provided by the KSI blockchain,” according to a statement.
The pilot will be conducted in Rotterdam area which has a total population of 2.2 million, 1 million homes and 128 companies.
Pim Tuyls, CEO at Intrinsic ID, added: “This is a challenging target for piloting the energy platform, with high expectations for reliability and scalability – and of course security.
“Such a shift, from central power plants serving consumers directly to an ecosystem where members have their own energy source and can trade excess energy, represents a significant change to market dynamics which could bring significant efficiency and cost savings.”
“In the energy market a lot of capacity is not being utilized optimally. This award shows the vision of the Dutch government to transform energy markets from closed and centralized to open and distributed,” said Guardtime Chief Executive Officer Mike Gault.
Image Credit: 123rf.