The supreme foundation paving the way for economic development of our society is laid by access to reliable energy. But before splurging on these non-renewable sources, we need to understand the high environmental price we are having to pay for the same. Both public organizations and private businesses are rapidly re-examining the energy systems of present times. Changing consumer demands and policy coupled with awe-inspiring innovations has prompted the World Economic Forum to come up with a System Initiative On Shaping the Future of Energy. World Economic Forum has agreed to the fact that Blockchain technology can be used to address four out of the initiative’s five goals as follows:
The top bosses of World Economic Forum have understood that Blockchain application to microgrids can bring immense development in the form of efficiency, utility and sustainability.
Tech Mahindra, a multinational IT provider in collaboration with Power Ledger, an energy trading platform based on peer-to-peer architecture have come up with a new service which shall cater to a specific client base interested in microgrids. The Microgrids are actually distributed energy systems which takes the shape of a single controllable entity in relation to a larger energy grid network. The key feature of Microgrid is its hassle-free connectivity with the larger grid which helps in it operating by its own in islandmode or as a part of the larger grid. Its “Microgrid-as-a-Service” platform will allow customers to set up and operate their very own microgrid.
Multiple energy assets like battery storage, solar, electric vehicle chargers will be integrated over the MaaS platform along with analytics for measuring the propensity of energy efficiency. Reliable and resilient electricity offered by MaaS is less carbon reliant and helps in establishing a complete technical control over the microgrid.
The Blockchain based peer-to-peer energy trading platform of Power Ledger on the other hand has imposed an additional transactional layer which will allow peers to trade and store energy at a local level and shall reimburse users with excess clean energy produced. Managing all energy credits and debits of accounts, measuring the ongoing financial statement of participants and trading automation will be looked after by the Blockchain Technology. The data flow generating from smart electricity meters will be tracked by the Blockchain ledger itself. The software platform of Power Ledger based on Blockchain architecture shall begin its trial run in late 2017 across the Tech Mahindra campuses spread across India which already are enriched with knowledge about microgrids.
Location will also have a big role to play in determining the success of the project. Data pertaining to urban microgrids are much more complex in nature given the population density. However they can demonstrate their core strengths in a much better form using a Blockchain-based platform meant for microgrids. The urban microgrids on the other hand are much more common amongst Indian people in comparison to OCED countries where mostly rural settings are employed. David Martin, the Managing Director of Power Ledger holds the view that, “trialling in India is a major opportunity to change the way communities source the energy required to take part in a modern global economy.”
Also Read: Bajaj Electricals and Yes Bank Adopts Blockchain Technology
Starting from the very beginning of this current fiscal, the economic progress of India has been on a rapid decline. This has actually opened up possibilities wherein Blockchain can be used for improving the bottom line of the country. The GDP of India dipped down to 5.7% from 7% within the first six months of 2017. Various experts feel that the major cause behind India’s economic downfall is the reform efforts tried out by its Prime Minister Shri Narendra Modi. The Indian Prime Minister announced a paradigm change in its indirect tax structure starting from June and banned all big currency notes in November 2016 to tackle the growing issue of money laundering.
CNN Money has revealed that the counterfeit currencies comprised of about 86% of the total currency in circulation in India. The massive cash shortage felt by Indians in the aftermath of the demonetisation drive made people jump in to become a part of the digital bandwagon powered by blockchain technology. Bitcoin and Ethereum became hot favourites of investors who were desperately in the lookout for a store of value.
Power Ledger had proved earlier that their platform can well be used by business houses and homeowners alike. The peer-to-peer architectural trial showcased by Power Ledger officials in Busselton, Australia, revealed that households can bring upon a massive saving of about $470 worth electricity bills on a yearly basis by relying upon their microgrid mechanism. Power Ledger with its forward looking vision is trying to incorporate Blockchain based platform in trading energy within microgrids and are enabling everyone from campuses, building owners and even smart cities to produce and manage their exclusive electricity at affordable cost and trade the excess electricity generated for lucrative returns.
Also Read: Wipro Joins Enterprise Ethereum Alliance (EEA) To Develop Blockchain Solutions
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