Best Blockchain Energy Use Cases
Created on: January 11, 2019
Updated on: January 11, 2019
Another area that is ripe for disruption is within the energy sector and as you may know this is a critical part of any countries infrastructure.
In the UK, this particular area was brutally privatised in the 1980’s and some of you may remember that there were these peculiar adverts that kept on saying “Tell Sid”. If you don’t know this was during the British Gas privatisation and our energy sector was privatised and lots of people made lots of money out of it.
One of the consequences of this was the fact that we now have a very dysfunctional energy market that works for the interests of the company and not the energy consumer.
Blockchain Use Cases
The blockchain has been adopted within a number of countries where the energy sector is decentralised and this has led to better direct relationships between energy producers and consumers. Please note that at the time of writing we are approaching the winter solstice and I have just read an article in the news that stated that 100% of the Scottish power was generated by renewable means such as wind farms that are based in the North Sea.
This is an outstanding achievement and one of the potential benefits of this arrangement is that you could have an energy producer in Scotland potentially sending its power down power lines to the north East for example. This energy could be used to power the Newcastle area and one of the main benefits of this arrangement would be the fact that we could cut out the middle man so as to speak.
Distributed Energy Resources
This means that neighbourhood electricity trading where energy is managed in a flexible arrangement and one of the best use case scenarios is the fact that the blockchain can be used to manage this emerging use of the blockchain.
I remember a few years ago watching a TV programme where liquefied natural gas was produced in the United Arab Emirates and this gas was compressed and placed on huge tankers and it was sent to the UK.
On arrival within the UK this gas was then decompressed and piped in to the National Grid holding areas for its use. The blockchain can be used to manage the gas asset from the area where the resource comes out of the ground or sea and it is essentially tracked until it enters the National Grid in the UK.
The energy supplies would be able to tap in to this asset and it will be able to view the journey on a permissioned blockchain. Overall the potential savings that the blockchain could bring to the energy sector will mean that some of us who generate electricity in our homes could achieve a net saving on our own consumption of electricity. We will explore this in more detail in future blog posts.
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