Electron, a blockchain-based startup out of UK, is innovating in the energy sector for enabling the energy creators (such as micro-grids and mini-grids) to trade energy with those requiring energy while ensuring data security, transparency and traceability/provenance. The company has got experts from the areas of blockchain energy and e-trading coming together and building innovative products for achieving some of the following objectives in relation to energy creation and trading:
Very recently, Japanese energy giant, TEPCO has invested in Electron to explore the usage of Blockchain technology to create more reliable and efficient use of infrastructure.
In this post, you will learn about the technology behind the products built by electron team.
Meter registration platform allows devices to be registered and provided with a digital identity. This information about the device is stored on a shared distributed ledger based on the blockchain technology. Anyone wanting to get information about a particular device can easily access the details from the blockchain.
This is also one of the key aspects of permissioned blockchain platform based on which Electron product is developed. In a permissioned blockchain platform, each of the participants needs to have a digital identity (certificates) using which it can trade energy with others or get information about energy consumption.
Once the meta devices are registered on the blockchain and known by their own identity the next step is to allow the trading of energy between different retail energy providers. This is where the permission blockchain architecture based distributed ledger would come into the picture. The permissioned blockchain would ensure some of the following:
Finally, there will be a need to secure the data related to the energy transactions related to buying and selling the energy between the energy providers and the consumers. There will also be a need for transparency and provenance/traceability of energy transactions. The goal is to ensure that the data of the past usage is not changed by anyone (data immutability) and all changes can be tracked and traced back. This requirement is also fulfilled by the blockchain Technology.
In this post, you learned about some of the following:
Did you find this article useful? Do you have any questions about this article or suggestions regarding how Electron is innovating energy sector with their blockchain based products? Leave a comment and ask your questions and I shall do my best to address your queries.
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