A consortium of utilities has begun to outline some of the ways that Blockchain could deliver transformative value in the energy industry.
Some of the areas where they hope to deploy Blockchain solutions are:
"An immutable distributed ledger would provide operational and compliance efficiency by allowing customers, utilities, third parties and regulators to trace back transactions in a reliable and shared record."
Clearing and settlement
"Manage the Clearing & Settlement confirmation process around procurement wholesale energy. ... The same system could later be expanded to include peer-to-peer energy trading. Managing carbon (RECs) positions. ... Blockchain could provide automated purchases via smart contracts, a lighter certificate of origin reporting system, reduce administrative costs, and eliminate costs associated with aggregation of small certificates coming from distributed resources."
Decentralized energy markets
"Transactive energy: A decentralized peer-to-peer transaction and supply system where the valuation and settlement of electricity over time and location can be fully automated through smart contracts and recorded on a distributed ledger — enabling process efficiencies and improving audibility and transparency."
"Device authentication: Deployment and provisioning of IOT devices such as smart thermostats at the grid edge. Blockchain’s one-way encryption and distributed ledger could help prevent intrusions and tampering with authentication records."
"Advanced EE and demand response M&V: A distributed ledger could store references to meter data collected from smart metering devices and validate results of standardized measurement and verification (M&V) cost avoidance analysis. A blockchain solution could provide enhanced data privacy and security, near-real-time automated demand response events, and financial settlement and events validation.
DER quick connect: The distributed generation interconnection process comprises many steps that require accurate, consistent and confirmed information from the customer, consulting engineer or contractor, and the utility. Blockchain could further improve this process through automated data verification, using smart contracts that execute notifications when conditions are met."
EV charging platform for New York: This blockchain solution would allow customers to plug into any EV charging station, regardless of the utility region. Blockchain could facilitate a seamless mode between multiple parties: utilities, charging stations and third parties."
Check out the article on GTM by Avangrid, Con Edison, National Grid, NYPA, and Indigo Advisory Group.
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