23 BLOCKCHAIN


PEER-TO-PEER ENERGY PLATFORMS


W


hen people and businesses generate surplus power from solar panels and other renewable sources, in the UK they have to sell that surplus power back to the national grid which balances the energy system. In an alternative model for a local energy market, a number of homes or businesses with solar panels within a community would sell their surplus power to their neighbours at a cheaper rate than they would have to pay for power from the grid. There is also minimal energy lost in local transfers compared to up to 10% energy loss in transmission back to the grid. All it requires is a reliable, safe and secure system for


recording transactions, and that is something that blockchain has the potential to provide. Blockchain-based energy traders Power Ledger and SunContract Platform are already using blockchain in this way to enable peer-to-peer energy exchange platforms. “The benefi ts of a local energy system underpinned by


blockchain are a signifi cant reduction in power wasted by energy transfers on the grid, increased use of local renewable sources of power and energy delivered at lower cost,” said Ruth. “Such a system would be ideal for rural communities a


long way from traditional sources of energy generation, and for isolated off-grid communities in developing countries. People without ready access to energy are often the poorest in societies around the world and this would be a great example of new technology being used as part of an energy supply system to make their lives better.”


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