Bitcoin and Blockchain Technologies Adopted in the Electricity Industry
Bitcoin technology has been around for a while now but has always been kept a little ‘in the background’ and never really been promoted too much. However, those involved in the electricity industry have started to adopt the use of bitcoin and blockchain technologies as…
Bitcoin technology has been around for a while now but has always been kept a little ‘in the background’ and never really been promoted too much. However, those involved in the electricity industry have started to adopt the use of bitcoin and blockchain technologies as a replacement for slower systems that need humans to continuously input data. With the blockchain technology, companies are able to automatically record data and store the information for anyone to access. It is a much safer and cost efficient way to complete many administrative tasks and is one that is starting to save the electricity industry a lot of money.
Lawrence Orsini is the founder of New York-based company, LO3 Energy. They are a start-up blockchain developer and have already been approached by 26 different utilities to develop better ways for them to carry out their financial transactions. Blockchain is already being used in finance, insurance, and music businesses and many big names such as Barclays Plc and Wells Fargo are researching how they can best make use of the technology.
Over in Germany, blockchain testing for electric-vehicle charging has been carried out by RWE as well as developing a platform where the public can buy and sell green energy without the need of utility. Juliane Schulze, who oversees Vattenfall AB’s business development, says, “It can be described as the exchange of goods versus money in real time. We have many of these transactions with our customers and internally in our company. Theoretically, these could all be put on a blockchain.” Vattenfall’s platform is called Power peels, and testing will be carried out on it to see how successful the idea is.
Another company that is planning a pilot shortly is Fortum. The team here are looking to carry out tests in so-called connected homes where users will have the ability to manage their appliances through the use of an internet connection. Fortum’s Chief Technology Officer, Heli Antila feels that blockchain may make it easier to “have demand response of small loads” and would be much easier to try and fit solar and wind energies into the equation.
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Daniel Okafor
Daniel Okafor is the Senior AI Reporter at TrendinTech, where he covers large language models, machine learning research and the practical use of artificial intelligence across business and government. He previously reported on artificial intelligence for MIT Technology Review, covering the labs behind the current generation of frontier models and the policy debates in Washington and Brussels. Daniel holds a Master of Science in Machine Learning from Carnegie Mellon University and follows the research community closely, attending NeurIPS and ICML each year to speak with the people behind the papers. He has a particular interest in evaluation: how models are benchmarked, where those benchmarks fail and what that means for the companies betting on them.
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