Blockchain technology has the potential to transform the energy sector. Of the many use cases for blockchain, energy and sustainability are often less recognized. 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.
We help organizations create awareness in decentralized technologies and identify the blockchain potential for the energy sector.
In this context, we help companies perform their internal assessment to evaluate the potential application of blockchain, and decentralized in general, solutions in their day-to-day business.
We include blockchain solution into their digital transformation roadmap.
We design decentralized solutions to energy-related use cases based on a number of different blockchain platforms. Our solution design process involves workshops with our clients to collect requirements and to provide guidance regarding state-of-the-art technologies.
Our team oversees the entire architectural and technical aspects of the solution design and developments phases following an agile methodology.
We offer turnkey blockchain-based solutions by taking over the time-consuming process of systems and operations integrations with existing informational and operational technology systems.
Hands-on Training & Prototyping
We offer customized training sessions, both on-premises and online, to C-level executives and personnel that covers aspects related to blockchain and decentralized technologies and their application in the energy sector.
Technology leadership and design thinking workshops are organized to solve specific problems and address specific needs and pain of organizations.
We offer rapid prototyping services and Minimum Viable Product development services.
Since in many cases decentralized solutions operate within a consortium, we offer the whole breadth of service around consortium and ecosystem managements. This includes the definition of shared goals and key success factors, as well as the specification of the operating rules and responsibilities of the parties within the consortium.
We take explicit care of the consortium dynamics by balancing the benefits among the competing interests that may exist within the consortium and by defining the consortium governance, while at the same time we ensure the privacy of company-related sensitive data.
Frequently Asked Questions
Here we compile the most frequently asked questions regarding the blockchain applications to the energy field.
What is Blockchain ?
Blockchain is a system that makes it possible to reliably exchange information or value between parties without the need for a third party such as a bank. Examples of blockchain applications are the conveyance of a house, applying for a mortgage, consumers trading energy or the exchange of cryptocurrency such as bitcoin.
What can we do with blockchain?
Many processes such as setting up a company, applying for a mortgage or individuals trading energy will become more efficient and that will save both paperwork and costs. One such example is the sharing of solar energy. If you have energy left over then you can trade this directly with your neighbours via a blockchain application, for example via a mobile phone or entirely automatically.
But blockchain is also interesting for sectors involving collaboration in chains. One such example is the transfer of cargo from a ship in a harbour. That involves many different parties. If blockchain can accelerate the transaction processes then considerable costs savings can be made.
How Blockchain benefit the E.I.?
Blockchain technology has the potential to transform the energy sector. The Energy Industry has been consistently catalyzed by innovations including rooftop solar, electric vehicles, and smart metering.
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. The main benefits of blockchain in the energy sector are:
- Reduced costs
- Environmental sustainability
- Increased transparency for stakeholders while not compromising privacy.
How does it work?
Blockchain works on the basis of cryptography. Each block is recognizable thanks to its own unique 64-figure hash code, a type of DNA code. These hash codes are used to identify the transactions: to see what the transaction consists of, as well as identifying the parties involved in the transaction. In addition, hash codes guarantee that the content and sequence of the transactions cannot be manipulated. Each time information is changed, the hash code changes as well, not only in the block itself but also in subsequent blocks (i.e. across the entire chain). Any tampering with the information will therefore immediately come to light.
What is the challenge?
The challenge that needs to be overcome to make blockchain a success is that needs to be overcome is making sure that the technology works properly at the level of identity. For each type of transaction, from applying for a mortgage to trading energy in the blockchain, it is important that the identity is correct. Is the person or organisation you are doing business with actually who they claim to be? The identities are currently not yet reliable enough. Several solutions are on the market or under development.
What are the Blockchain Use Cases?
There is a wide range of blockchain products that can be tailored to address various energy or sustainability applications, including the following:
- Wholesale electricity distribution
- Peer-to-peer energy trading
- Electricity data management
- Commodity trading
- Utility providers
- Oil and gas resource exploration
- Oil and gas storage and transportation
- Refined resource management and sale