Blockchain technology has created a buzz in the energy sector. This webinar focuses on the impact of this technology for utilities and aims to unpick the myths from the reality.
It is not energy companies which are aggressively driving these investigations forward, but entrepreneurs, laboratories, and even financial market operators that are exploring opportunities presented by decentralisation.
In the presentation, Principal Research Analyst at Navigant Research Stuart Ravens comments: “If suppliers do nothing, they could be shut out of the market for the vast majority of consumers, which is a huge risk,” he comments.
An overview of current proof cases of blockchain technology by Engerati's chief analyst Carol L. Stimmel points to three key impact areas, presented by our panel of leading experts.
Impact 1: Transactive energy
Scott Kessler discusses Lo3 Energy and Brooklyn Microgrid as case studies for blockchain applications in the real world.
Transactive energy represents a loosely bound collection of approaches that use economic signals and grid information to coordinate devices on the distributed electric power system. Blockchain may be the missing piece of the puzzle that finally allows new energy market constructs to emerge from the lab and move into the field.
Kessler comments in the webinar: "By building a local energy market, we are able to ensure that all the benefits accrue within the community, which is what the local residents want,” says Kessler, making the case for a location-based value for electricity alongside its time-based value."
Impact 2: Network resilience
Erwin Smole from Austria's Grid Singularity talks in depth about the requirements and benefits for different applications and smart contracts.
From renewable certificates to asset management tools, to the possibility of grid operation with blockchain. A distributed power relationship using blockchain can help mitigate and avoid grid destabilisation. A transactional network provides enhanced resiliency and reliability wherever improved flexibility and efficiency meet unique local requirements.
Impact 3: Maximising IoT investments
Improved grid efficiency and optimisation require a fully controllable and flexible system with embedded intelligence from substation to meter. Our panel of experts discusses if blockchain could be the technology that allows the IoT to share information efficiently, reliably, and securely.
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