Blockchain in Power Sector

Democratizing the Energy Sector with a Blockchain Powered Solution

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Blockchain in Power Sector

Energy Sector :

Blockchain, in itself, has the potential to revolutionize the energy sector. Being one of the top players in the Blockchain world, we have the sources to democratize the energy sector with a Blockchain-powered solution. The utility landscape is, after all, slowly moving towards distributed power generation, which requires utility firms to invest in upgrading the grid infrastructure, smart meters et al. This rapid movement of the industry towards the 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 establishing trust amongst the stakeholders for ensuring efficient operations. Blockchain, a distributed ledger technology built on shared network infrastructure and public-key encryption, is one way for utilities to provide a trustworthy and secure platform for the distribution grid and smart device usage. Blockchain in power sector, as per a reliable analyst, is predicted to witness a spike from a few million dollars currently to the north of 10 billion dollars by 2025. For those who still may not know, Blockchain has a few discrete advantages in the power and energy sector, the most crucial one being that it saves costs by only enabling the user to provide or use as much energy as needed. This is also very helpful for the environment, as there is no excessive energy flow and it’s therefore used very cautiously without much negative impact on the environment.

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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