Ledger: Can a Power Systems Rely on Blockchain Technology? - Articles

Source: https://www.cigre.org/article/GB/the-application-of-blockchain-technology-in-power-systems

Existing system challenges can be resolved by using the Blockchain digital ledger technology to assist multiple power applications at the generation, transmission, distribution, and consumption stages. Trading renewable energy certificates and credits based on actual energy usage can be automated using blockchain ledger technology.

Context:

Blockchain “Distributed Ledger Technology” (DLT) is capable of managing and storing transactions involving numerous parties. DLT can be used for any multi-step transaction-based application that demands security, traceability, and visibility because of its immutable, secure, and transparent nature. By removing the need for a middleman and connecting the buyer and seller directly, blockchain technology lowers the expenses and fees associated with transactions.

In the P2P network, blocks that are identically stored for each market participant are used to store any transactions. The owner's digital signature authorises each transaction in this digital ledger, ensuring its authenticity and protecting it from fraud. Based on who may add data to the chain and access the distributed ledger, there are three different types of blockchain platforms: Public, Private, and Consortium.

Can blockchain be implemented in power grids? - Articlesonblockchain

Using blockchain digital ledger has many advantages, few of them are secure, transparent, and robust network with a tamper-proof data record accessible to all participants in the network. With these features, the existing difficulties in the power system can be addressed in the production, transmission, distribution, and consumption phases.

How does blockchain help renewable energy? - Articlesonblockchain

• The actual transactions between the producer and consumer for consuming the renewable energy can be automated.

• Payments in the P2P microgrids can be created through Blockchain smartcontracts.

• For coordination of wholesale power trading, blockchain removes the necessity of middle man management like brokers, indexing agencies, specialised energy trading, or risk-management software.

• Interactive dashboards on customer utility, grid interactions, payment information, and energy consumption can be managed efficiently using the blockchain distributed ledger technology.

What Infrastructure used in blockchain technology for energy trading? -Articlesonblockchain

The critical components for implementing blockchain technology are full nodes (computers), partial nodes (smartphones or smart meters), a communication network, and a software platform.

Conclusion:

Blockchain digital ledger technology has the potential to drastically improve energy markets. However, because present implementations are on a small scale, extensive work is required before any wider implementation can be a serious disruptive force in this field.

Note: For case studies on Power Systems Rely on Blockchain Technology refer to below links:

[0] - https://www.cigre.org/article/GB/the-application-of-blockchain-technology-in-power-systems

[1] - https://www.ceew.in/cef/masterclass/explains/the-role-of-blockchain-technology-in-the-power-sector

Ledger: Applications of Blockchain Smartcontract - Articles

Examples of smartcontract applications include Real Estate, Vehicle Ownership, Music Industry, Government Elections, Management, Health care. They can be used for financial applications purposes like trading, investing, lending, and borrowing; and they can even be used to configure entire corporate structures.

Real estate: Share the proceeds between the persons directly engaged instead of paying the middleman. As an illustration, a smartcontract to transfer apartment ownership whenever a specific number of resources have been sent to the seller's account (or wallet).

Vehicle ownership: A smartcontract that tracks vehicle ownership and upkeep can be implemented in a blockchain. For instance, the smartcontract may mandate car maintenance every six months, failing to which would result in the suspension of a driver's licence.

Music Business: The songs industry may use a blockchain to store ownership information about music. When a music is utilised commercially, a smartcontract that is integrated into the blockchain may be used to credit the owner's account with royalties. It can be effective in settling ownership conflicts as well.

Elections for public office: It would be exceedingly difficult to decode the voter address and change the vote once it has been entered on the blockchain, increasing trust against unethical acts.

Management: Many choices that are made late or in a delayed manner may be streamlined and automated using the blockchain application in management. Each judgement is open and accessible to all parties with the necessary power (an application on the private blockchain). Using a smartcontract, for instance, 10 tonnes of plastic bag production might start the delivery of raw materials.

Healthcare: Using smartcontracts to automate healthcare payment procedures can help stop fraud. Each procedure is recorded in the ledger, and the smartcontract may ultimately calculate the total of all the transactions. Before the hospital bill has been paid and can be entered in the smartcontract, the patient cannot be released from the facility.