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There is little doubt that transactive energy is in the future of electric power in North America, which already has continental grids, and in the EU with the development of the EU's supergrid. The Rocky Mountain Institute and Grid Singularity a blockchain technology developer have created the Energy Web Foundation EWFa non-profit organization whose mission is to further the development of transactive energy by accelerating the commercial deployment of blockchain technology in the energy sector.
Blockchain is a decentralized, distributed database for managing transactions. Blockchains provide a global infrastructure untethered from the stability or permission of governments and institutions.
It is the technology underlying Bitcoin. Nasdaq and other financial institutions including banks have been experimenting with and developing applications based on blockchain technology.
Nasdaq has opened its blockchain services framework to more than of its market operator clients around the world. Earlier this year Nasdaq demonstrated a blockchain service that lets solar power generators sell energy certificates.
Blockchain technology has the potential to play a significant and potentially game-changing role in the energy sector by providing the financial infrastructure for transactive energy. Blockchain technology could provide the transactional infrastructure enabling millions of energy generators for ex, rooftop solar PV and energy consumers HVAC systems, water heaters, electric vehicles to transact with each other. Blockchain also provides higher levels of cybersecurity.
Grid Singularity with its partner Parity Technologies is leading the development of an open-source, energy-specific blockchain infrastructure that will be maintained by EWF and supporting affiliates.
Digg This Save to del. In her view it all starts with the customer who wants more choice, greater reliability and lower rates. The key to all of this is changing the business model for the power network operators. Distribution companies need to become platform companies DSPs that can provide the infrastructure for increasingly dynamic generation as well as demand. The model has to provide compensation to DSPs who make the network more efficient. The business model has to encourage innovation that enables transactive energy with technologies such as blockchain and the internet of things.
It has to encourage and attract younger people to the utility industry and encourage third party startups. In her view being CEO of an electric utility is the best job in the world right now.
Unlike the telecom revolution which led to the digital divide, the electric power transformation has to avoid an energy divide and ensure that lower income folks are included and also experience the benefits of the new power grid. Very interestingly she said she used to believe this was all going to happen in five to ten years, but with the accelerating momentum in technology and regulation she now believes the transformation of the utility is happening faster than that.
New York's utilities are moving rapidly in this direction. There is little doubt that " transactive energy " is in the future of electric power in North America, which already has continental grids, and in the EU with the development of the EU's supergrid.
By analogy with Uber and Airbnb, Gartner has predicted that bythe largest energy company in the world by market cap will not own any network grid or generation assets.
It will manage information about energy sources and consumers. Another option is a decentralized,distributed transaction system that allows generators such as you and I as well as traditional large scale utility generators to sell energy to you and me and other users, but without a centralized transaction manager.
The generalized version is often referred to as blockcoin 2. Blockchain supports smart contracts. The blockchain services are part of what Nasdaq calls its "Core Services" component which serves as a hub for its financial applications. Late last year an issuer was able to use Nasdaq Linq blockchain technology to successfully complete and record a private securities transaction - the first of its kind using blockchain technology.
The project is part of a collaborative effort between Nasdaq and design firm IDEO's CoLab to facilitate partnerships that take a design-based approach to creating human-usable technology. Internet connected solar panels have been developed with technology provided by Filamenta Nevada-based blockchain startup. Its technology allows traditional electronic devices to be connected online.
The solar panel is actually hard-wired into the IoT device through a converter which enables Nasdaq to measure the wattage the panels are generating into the grid. Using the API of Nasdaq's blockchain-based private markets platform, anonymous certificates are created which can be sold to anyone who wishes to subsidize solar energy. The cryptographically verified certificate, representing solar power generated in the western US, appeared live on the screen in New York City.
Nasdaq is not the only organization exploring blockchain for energy transactions. In Vienna, Grid Singularity is using blockchain to support energy-related transactions. Als Wegweiser in die neue Energiewelt, haben wir am Mai den 1. Blockchain-Tag in Deutschland veranstaltet. As a signpost to the new energy world, we have instituted May 23, as the first Blockchain Day in Germany.
Australian startup Sun Exchange has developed a platform that lets investors back small-scale solar projects and receive monthly dividends. SolarCoin is based on Bitcoin technology. The original concept for SolarCoin required a central bank.
Blockchain is decentralized making the central bank unnecessary. People earn coins as a reward for generating solar energy. People with solar panels on their house receive solar renewable energy certificates from their energy company in return for feeding a megawatt-hour of electricity back into the grid.
These certificates are already traded for cash, but if you present them to SolarCoin you will get a coin. Geoff Zeiss About the Author. Transforming the electric power industry: Transactive energy may be based on blockchain There is little doubt that " transactive energy " is in the future of electric power in North America, which already has continental grids, and in the EU with the development of the EU's supergrid.
