Research and Markets has released a new report exploring the application opportunities for blockchain technology.
According to the report, “Digital Grid – Capitalising on Opportunities with Blockchain Technology“, blockchain platforms can serve as a back-end platform for utilities to track and execute transactive energy applications including:
- Billing platform for retail sales and net metering
- Platform for P2P trading and renewable energy certification
- International energy trading
- Electric vehicle and Vehicle-to-Grid
- Customer management
The report highlights that blockchain can provide disruptive technology solutions to address data coordination requirements between a range of grid and behind-the-meter assets in addition to providing a secure automated trading platform.
Key Trends Supporting blockchain
The shift from traditional centralised energy networks to decentralised grid systems, integrated with distributed energy resources is driving adoption of blockchain technology.
According to the report, “prosumers” have caused an increase in small-scale commercial generation, a development resulting in changes to main grid networks and utilities’ business models.
Advanced metering infrastructure (AMI) adoption is a key trend influencing the uptake of blockchain-related applications within the US. Peer-to-peer energy transactions using blockchain platforms are more visible in areas with higher rates of AMI adoption, especially in US states with the most distributed solar PV (such as California and Georgia).
Decentralised market places that allow electricity trade and payment settlements are increasingly encouraged by utilities. These platforms are seen to empower consumers and ultimately reduce their bills, as utilities are able to lower capital expenditure on renewable generation.
The report states that the lack of regulatory certainty is one factor that could hinder the uptake of blockchain platforms.
Crypto-currency, transactive energy and the associated technology development are still relatively uncharted territories, with required smart grid infrastructure still to be implemented.
Read more about the opportunities in the digital grid sector in the report and understand what 2018 holds for Blockchain.
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