Forecast into a secure future Blockchain In Energy Sector
Are you looking for a new and perfect solution for your energy market or business model? Yes! leverage the immutable distributed ledger- blockchain technology to break ground in your energy and commodity business sector.“ Though blockchain is going to be the biggest digital disruption in the future, businesses based on the energy sector started pursuing this latest decentralized technology-blockchain. Make use of this cutting-edge technology which is already into the piloting phase of many business sectors. “
Unlock the blockchain potential for Energy Business Sector
Use this advanced technology-blockchain as a tool for energy grid management and also promote sharing data in real-time. Consumers can make use of this smart grid on blockchain to know how much green energy (renewable energy like solar energy) is produced vs how much energy is consumed with the help of multiple data recorded in the blockchain. For example, make use of blockchain in the smart metering system, multiple data shared via a decentralized system.
What Is Solar Energy Community In Blockchain Energy Business Model?
A group of houses that geographically stay close to each other and produce energy via a solar power grid is known as energy communities. They are either able to feed the solar grid (energy producers) or absorb energy from the grid ( energy consumers). The energy community will have a rooftop PV plant and housing units which absorb energy from the PV plant. The consumed or produced energy in the energy community will be linked to the blockchain account of the energy producer. Several data are shared in the blockchain and the energy exchanged in the main power grid is automated with smart contracts to minimize total power utilized.
How Energy Business Model Works By Leveraging The Benefits Of Blockchain Technology?
Look into the below steps to leverage the blockchain potential in the Energy and commodity sector.
- All consumers will be registered as participants with an account in the blockchain.
- Multiple energy producers share their data ( green energy power Kwh produced) and all the participants of the blockchain can view the information.
- All participants or energy producers can update their data as tokens in the blockchain and each action will be recorded in the blockchain.
- The recorded actions are validated by all the participants (energy producers) without any central authority.
- Removing central authority reduces the intermediary cost (eg: third party service charge) and thus the complexity (eg: multiple settlements) involved.
- The energy exchanged (either produced or consumed energy) data is automated with smart contracts in such a way as to minimize the total energy from the power grid.
- Enhances business benefits by reducing the time delay involved in the settlement and thus improves liquidity.
- All energy producer transactions depend on each other and lead to high business transparency.
Key Features Of Blockchain Technology In Energy Sector
Trusted Digitized Public Ledger
Decentralized digital ledger assists in recording and verifying the shared data.
Highly Secure system
Highly secure with private (needs permission for access) or permissionless blockchain.
Implemented Smart Contracts
The contracts are executed depending on the defined actions set in the blockchain.
Follows Consensus To Update
Records of all digital transactions are verified and updated as per the consensus. Data corruption can be prevented with this immutable ledger.
Benefits Of Blockchain In the Energy Sector
Trusted Digitized Public Ledger
Transparency in supply chain Management will give rise to a real-time price value to the actions carried out.
Low cost for reconciliation between subsidiaries and provides high-quality error-free output.
Control & Security
The payment transactions are streamlined and automated to ease accounting and auditing.
Builds trust in creating a marketplace for sourcing in the energy sector.
White Labeled Blockchain-A Non-Stop Solution For Energy & Commodity Trading
We offer white labeled blockchain solutions to enhance your energy business model by supporting the operation of the power grid seamlessly, optimizing supply chain & logistics, and promoting instant payment solutions by reducing settlement risk involved in the business.