INSPIRATION
Energy startups utilize blockchain technology to advance trusted transactions in the renewable energy sector. For instance, smart contracts advance peer-to-peer electricity trading for transactive energy. Grids are vulnerable to cyber threats and blockchain is used to encrypt the data associated with grid operations and monitoring. Through data encryption, blockchain facilitates digital transactions. Renewable energy providers are also taking advantage of blockchain to track the chain of custody of grid materials. Additionally, it allows regulators to easily access data for regulatory compliance.
British startup Sitigrid offers P2P energy trading using S-Chain, its patented distributed ledger technology. Using smart contracts, the startup facilitates the trading of surplus electricity in the open market and keeps a record of the transaction. It uses AI to optimize trades, thereby maximizing revenue for generators and minimizing cost for consumers. The underlying architecture provides local markets with an efficient settlement platform and empowers energy players to aggregate network services.
Tec Blockchain is a US-based startup that deploys energy cryptocurrency through blockchain to incentivize renewable energy. Digital transaction of the startup’s cryptocurrency,TEC token, is linked to the reward system. As more individuals use and trade renewable energy with this token, the higher is
the automatic rewards. The reward system thereby enables industries and individuals to transition towards distributed renewable energy while also receiving incentives for the same.
