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Distributed Energy: Impact of Blockchain on Energy Trading

Distributed Energy: Impact of Blockchain on Energy Trading

Emerging Technologies, Innovations Ecosystem and Business Models in Blockchain-based Energy Trading

RELEASE DATE
30-Dec-2018
REGION
Global
Research Code: D87D-01-00-00-00
SKU: EG01948-GL-TR_22749
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Description

The recent trends in the energy industry such as the rise in prosumerism and increasing deployment of smart meters has resulted in the integration of data analytics, storage and communication solutions to the energy industry. These factors have enabled the conventional end users to take part in energy transactions in the form of supporting the grid during peak hours and help maintain the stability. This highly distributed energy scenario has its challenges in the form of monitoring and controlling every energy transaction made. These challenges call for better solutions to keep track of the energy exported into the grid and also in helping the transacting bodies reach consensus regarding the amount of power exported. Blockchain is a distributed, digital data ledger that enables the storage of digital transaction in a secure and highly transparent manner. It provides a decentralized control and enables visibility to every party involved. As each transaction is visible and each transaction or “block” is linked to the previous transaction or block, the chain provides clear information about the transactions, including the times at which they occurred. Each of the “blocks” is entered only if a particular set of user defined conditions are met. Adoption of blockchain in energy sector has the potential to empower the end user with better visibility over the transaction and help them understand the revenue generation model. This is expected to encourage the participation of more prosumers, enabling a highly distributed energy scenario in a more controlled and secure manner.

Table of Contents

1.1 Research Scope

1.2 Research Process and Methodology

1.3 Key Findings

2.1 Adoption of Grid Edge Sources is Key to Decentralized Energy Scenario

2.2 End Users Support Grid Stability Through VPP

2.3 Demand Response Programs are Enabled Through VPPs

2.4 Energy Generated Within a Microgrid can be Used Internally or can be Exported to Neighboring Microgrids

2.5 Peer to Peer Energy Exchange can be Between Individual End Users or Between Two Microgrids

2.6 Battery-based Energy Exchanging Communities are Emerging

2.7 Blockchain Enables the growth of Distributed Transaction Networks

2.8 Security and Smart Contracts are Crucial in Enabling Blockchain

3.1 Smart Meters are Key Drivers for the Adoption of Blockchain

3.2 Physical Nature of the Grid has been a Key Challenge Toward the Adoption of Blockchain

3.3 Privacy and User Identification can Become Points of Concern in the Future

3.4 Prosumers will be Provided with the Power of Choosing in the Decentralized Scenario

3.5 Blockchain Offers Transparency in Peer-to-peer Energy Trading

4.1 Use Cases of Blockchain in the Energy Sector

4.2 Energy Trading Platform Facilitates Wholesale Energy Trading in Europe

4.3 P2P Trading Platform Enables Adoption of Solar Energy for Residential Apartment Complexes in Australia

4.4 Algorithm-based P2P Platform Offers Competition to Blockchain Platforms

4.5 Microgrid Project Based on Blockchain Enables Energy Transfer Within Communities

4.6 UK Blockchain Company to Bring Flexibility to South Korean Markets

4.7 Smart Contracts Protect Stakeholders Against Policy Changes

4.8 US Utility Pilots Demand Response with Blockchain Company

4.9 Blockchain Platform Integrated with Proprietary Technology Products

4.10 Proprietary Blockchain Platform for Use in Multiple Solutions

4.11 Blockchain Platform Enables P2P Transactions for EV Owners

5.1 Growth Opportunity 1: Adoption in Distributed Energy

5.2 Growth Opportunity 2: Deploying Blockchain in Microgrid in Developing Regions Would be Profitable

6.1 Blockchain Tamper Proof Distributed Network for Energy Trading

6.2 End User Empowerment Will be the Crucial role of Decentralization

7.1 Key Industry Influencers

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The recent trends in the energy industry such as the rise in prosumerism and increasing deployment of smart meters has resulted in the integration of data analytics, storage and communication solutions to the energy industry. These factors have enabled the conventional end users to take part in energy transactions in the form of supporting the grid during peak hours and help maintain the stability. This highly distributed energy scenario has its challenges in the form of monitoring and controlling every energy transaction made. These challenges call for better solutions to keep track of the energy exported into the grid and also in helping the transacting bodies reach consensus regarding the amount of power exported. Blockchain is a distributed, digital data ledger that enables the storage of digital transaction in a secure and highly transparent manner. It provides a decentralized control and enables visibility to every party involved. As each transaction is visible and each transaction or “block” is linked to the previous transaction or block, the chain provides clear information about the transactions, including the times at which they occurred. Each of the “blocks” is entered only if a particular set of user defined conditions are met. Adoption of blockchain in energy sector has the potential to empower the end user with better visibility over the transaction and help them understand the revenue generation model. This is expected to encourage the participation of more prosumers, enabling a highly distributed energy scenario in a more controlled and secure manner.
More Information
No Index No
Podcast No
Author Guhan Sriram R V
Industries Energy
WIP Number D87D-01-00-00-00
Is Prebook No