Power is another very crucial field that Blockchain will disrupt. Basically it will change the way how power is stored, distributed and traded. Let’s understand the implications of marrying blockchain with power industry. Blockchain technology can be an ideal platform for peer to peer energy trading, where people can sell electricity generated from renewable sources like solar energy or wind energy to their peers or neighbors. In the current scenario, energy is produced in centralised electricity generation facilities and is then delivered to industrial and domestic users via distribution networks operated by energy companies.
But with blockchain and smart contracts, it will be feasible for anyone and everyone to trade and supply the energy generated from renewable sources. In this proposed system, smart meters would be used to measure the amount of energy produced and consumed. These energy-trading activities in this blockchain based system, will be executed through smart contracts. Additionally, automatic payments will be done to energy suppliers on the basis of energy supplied to energy buyers.
For better understanding, let us take a real life scenario. Let’s assume that a person has photovoltaic solar panels installed on the rooftop of his home. These photovoltaics will generate electricity using solar energy and in case surplus electricity is generated, it will get stored into a microgrid. This stored surplus electricity can then be sold to peers or to local businesses. All these energy transactions will be managed and stored on the blockchain.
For this system to work, Smart meters will be required which will record the energy generated and energy consumed. Based on the energy consumed, payments will be triggered by electricity buyers to suppliers. Thus creating a perfect ecosystem for peer-to-peer trading of renewable energy. For better adoption of Electric vehicles (EV) it is very critical to have charging stations easily available and accessible.
Significant Electric Vehicle prospects have this fear of running out of battery power on large distance commutes, where there is no electric car charger available. Lack of easy availability of Electric vehicle charging stations as compared to traditional fuel stations is often a key deciding factor for vehicle buyers. Though a lot of efforts are being put to increase the number of commercial Electric Vehicle charging stations but still there is a long way to go before there are enough commercial Electric Vehicle charging stations.
But using Blockchain, an alternative solution is getting implemented to tackle this lack of charging infrastructure. Blockchain based applications are enabling individuals to share their private Electric Vehicle chargers with others. Using Peer to Peer Electric Vehicle charging platforms, private owners can make their chargers available for public during the times they are not being used by them. In return they can earn some extra side income from their idle charger by increasing its utilization.
Using these Blockchain based applications, Drivers of Electric Vehicles can look for available chargers in the vicinity and charge their cars before they run out of battery power. Enabling consumers to make their chargers available for public use for a fee can significantly increase the number of available charging locations, which in turn, can lead to a higher adoption of electric vehicles.