Blockchain Technology for Energy Management

Energy management is another industry that has historically been highly centralized. In the US and UK, to transact in energy one must go through an established power holding company like Duke Energy or National Grid, or deal with a re-seller that buys from a big electricity company.

As with other industries, the distributed ledger could minimize (or eliminate) the need for intermediaries. Startups like Transactive Grid — a joint venture between LO3 Energy and Brooklyn-based Ethereum outfit Consensys — are rethinking the traditional energy-exchange process.

Transactive Grid uses Ethereum blockchain technology to enable customers to transact in “decentralized energy generation schemes,” effectively allowing people to generate, buy, and sell energy to their neighbors. LO3 Energy also has projects that include Brooklyn Microgrid and Project Exergy, the latter being a proof-of-concept for harnessing excess heat expelled by computers.

Other companies have used blockchain as a path toward providing access to renewable energy, too. For example, two major Spanish power companies — Acciona Energy and Iberdrola — are using blockchain to certify that energy is clean by tracking its origins.

Source: CB Insights

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