Success stories of blockchain technology in the energy sector

Europe is still the dominant location of Blockchain's energy companies, hosting 21 of the 32 startups in the industry, with a strong presence in Germany, Switzerland and Spain - followed by the "2019 Energy Blockchain Startups Who-is-Who" report. the USA, Australia, Jordan and Brazil.

We will see a brief analysis of projects implemented in the USA and Germany, and that already have progress worthy of commemoration.

In New York state, LO3 - a case of the Exergy group in partnership with Consensys, created a project benefiting consumers and producers within a community in the Brooklin neighborhood and became a pioneer in the use of blockchain in the energy sector.

Even in the testing phase, the project is considered a success, attracting giants like Siemens.
This project, popularly known as Brooklin's "Microgrid" Project and using the TransActive Grid Open Energy Platform, maintains solar panels installed in five buildings located in a NY community. The idea here is that Smart Contracts transform excess energy produced and not used into renewable credits, later sold to neighboring buildings, or used by the community itself.

With any neighborhood or region connected to the network, transaction data for each participant is recorded and stored within Blockchain. Through intelligent metering and blockchain, transactions are easily carried out between neighbors. That is, blockchain architecture can create a local community market for renewable energy.

 
 

The key idea of ​​Lition, when deciding to join the giant SAP, is to reduce risks and fill commercial and technical constraints to the adoption of the blockchain technology, still existing, making it attractive to the market.

Why use blockchain solutions in the energy sector

As seen in the "Microgrid of Brooklin" and "Lition" cases, blockchain architectures are able to strengthen the role of the prosumers. They enable direct peer-to-peer interactions, optimize costs, and increase process efficiency by providing consumers with energy at a fairer price. Participants can decide what price they want to pay, who to buy, and who to sell the surplus, all from the transactions recorded in Blockchain.

The implementation of blockchain in the energy sector allows people to be consumers of this energy or resellers. And as a result, we have a multidimensional platform with the potential to create a "smart" and clean society.

Finally, the decentralization of data in the energy sector, provided by blockchain applications, means a more inclusive data ecosystem.

With the digitalization of society, where virtually everything is connected to the Internet, electricity is the main strategic focus of any government that wants to overcome the problems of megacities and the challenges of population growth.

The use of blockchain enables a "new sharing economy" of energy, facilitating the direct exchange between households, with all the transactions recorded in a decentralized anti-fraud ledger, making the accounts cheaper.

Finally, using blockchain to record all the dynamics of supply and storage of renewable energy, in a safe and transparent way, is the sustainable response to the growing demand for world energy consumption.

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