Blockchain 2019 for Digital Utilities of Future
image credit: "A typical Transactive Grid of future with different stake holders", by Ashkan R. Kian, licensed under: CC BY-SA
- Sep 20, 2019 5:15 pm GMTSep 20, 2019 2:20 am GMT
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This item is part of the Special Issue - 2019-09 - Blockchain in Utilities, click here for more
Going from traditional power grids with one-way energy flow and central energy markets towards smart power grids with two-way energy flow and distributed energy markets, the system operators (ISO/IESO/TSO), power utilities (PU), local distribution companies (LDC) and prosumers (i.e. net-zero buildings, solar PV generators, Wind generators and Battery Storage units) need a secure, trusted, efficient and user-friendly Transactive Energy Market platform. Blockchain platforms such as Ethereum and Hyper Ledger Fabric are being utilized for trading Energy including Oil, Gas and Electricity, and Carbon credits around the Globe.
The World Economic Forum, Stanford Woods Institute for the Environment, and PwC released a joint report identifying more than 65 existing and emerging blockchain use-cases for the environment. These use cases include new business models for energy markets, real-time data management, and moving carbon credits or renewable energy certificates onto the Blockchain.
Distributed ledger technology has the potential to improve efficiencies for utility providers by tracking the chain of custody for grid materials. Beyond provenance tracking, Blockchain offers unique solutions for renewable energy distribution.
There are several pilot projects in US and Canada to develop Transactive Energy Markets by means of Blockchain Technology. Two of these pilot projects are the National Grid pilot project at Buffalo Niagara Medical Campus (BNMC) in Buffalo, NY, USA; and Hydro Ottawa MiGen Transactive Grid project in Ottawa, Ontario, Canada.