Blockchain in the Power and Energy Sector - Sofocle
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Power/Energy Sector

Democratizing the Energy Sector with a Blockchain Powered Solution

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Power/Energy Sector

Power/Energy Sector:

Democratizing the Energy Sector with a Blockchain Powered Solution The utilities landscape is slowly moving towards distributed power generation, which requires utility firms to invest in upgrading the grid infrastructure, smart meters etc. This rapid movement of the industry towards distributed generation of resources along with the penetration of smart devices has paved way for service providers, demand response aggregators and other stakeholders leading to a more complex industry ecosystem. To sustain themselves, utilities require a robust technology platform that can help them tackle the challenges while establish trust amongst the stakeholders for ensuring efficient operations. Blockchain, a distributed ledger technology built on a shared network infrastructure and public key encryption, is one way for utilities to provide a trustworthy and secure platform for distributed grid and smart device usage.

How Can Blockchain Help?

Security and Reliability:

Since, the core capability of Blockchain includes trust and security, it can be implemented for relevant utility processes such as settlement of bills, prepaid smart meter recharge, authenticating solar renewable certificates and more. Furthermore, Blockchain eliminates the need for third-party intermediaries while begin, send and record transactions in a safe and secure way. All transactions occurring between individuals are executed through a peer-to-peer network.

Decentralization:

With a Blockchain based system in place, a decentralized energy supply system can be established. This becomes possible as Blockchain can connect the energy suppliers with consumers thereby simplifying today’s conventional system where each entity operates on different levels.

Reconciling Supply and Demand:

Blockchain can help manage the transactions that occur as a result of fulfilling the energy supply and demand. By signaling to the system the kind of transactions that need to take in place, the smart contract functionality of Blockchain streamlines the flow of energy automatically and in a controlled way. The smart contracts are basically a set of predefined rules in form of computer codes that controls all the transactions pertaining to energy flow.

Empowering End-users:

Conventional energy ecosystem involves buying and selling of energy by traders on the exchange with banks acting as intermediaries. This brings in process, as well as cost inefficiencies. With a blockchain powered system in place, the need for third parties is removed. As a result, consumers become more empowered to manage their electricity consumption data and supply contracts.

Why Sofocle?

As one of the leading players in the Blockchain arena, we offer industry specific Blockchain solutions to Clients across different industry verticals. In the energy sector, our tailor-made solution can help disrupt the existing ecosystem for power utilities and pave way for a distributed energy-sharing economy. With a Blockchain-based capability such as electric vehicle smart contracts, cryptocurrency payments, demand response etc. in place, businesses would be able to build competitive advantage.

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