Repsol believes that it could save up to €400,000 p.a. using this new Blockchain platform and FinBoot is now looking at how similar technology could be used to help other industries, such as the fashion sector where it needs to trace the provenance of the materials used in making clothes.
Meanwhile, the co-founder of Apple, Jo Wozniak, has invested in a firm that uses Blockchain technology called ENFORCE project. Wozniak reportedly said “ENFORCE aims to bring money savings on energy, but it also helps the environment”, a factor he said was important to him. He further added, “Blockchain will bring improvements to energy use and reduce consumption without consumers needing to change their habits”.
Where Blockchain technology is being used in the energy sector.
Indigo Advisory Group, in the chart above, keeps record of various ways globally that Blockchain technology is being used for different purposes, which is updated as it discovers new initiatives.
Blockchain technology is increasingly been used in the energy sector as it potentially provides solutions across the energy trilemma: 1) it reduces costs by optimising energy processes, 2) it improves energy security in terms of cybersecurity, but also acts as a supporting technology that could improve security of supply, and 3) it promotes more renewable energy generation and low-carbon solutions.
In a survey of 140 Blockchain research projects, Science Direct has identified many ways that Blockchain technology could help the energy sector:
Billing: Blockchains, smart contracts and smart-metering can offer automated billing for consumers and generators. Utility companies could benefit from energy micro-payments, pay-as-you-go solutions or payment platforms for pre-paid meters.
Sales and marketing: Sales practices could change according to consumers' energy profile, individual preferences and environmental concerns. Blockchains, in combination with artificial (AI) techniques, could identify consumer energy patterns and therefore enable tailored and value-added energy products provision.
Trading and markets: Blockchain-enabled distributed trading platforms could disrupt market operations, such as wholesale market management, commodity trading transactions and risk management. Blockchain systems are currently being developed also for green certificates trading.
Automation: Blockchains could improve control of decentralised energy systems and microgrids. Adoption of local energy marketplaces, enabled by localised P2P energy trading or distributed platforms, could significantly increase energy self-production and self-consumption, also known as behind the meter activities, which could potentially affect revenues...