No less than 23 leading European energy trading companies are lauching one of the largest and most ambitious blockchain energy trading “proof of concept” projects to date.
Following successful pilot testing with BP, Eni and Wien Enerige, Vancouver’s BTL Group is inviting energy companies to participate in development and launch of a planned six month-long blockchain-based distributed energy transaction processing platform.
Blockchain applications can streamline the entire process of bringing natural gas from well-fields to consumers, eliminating security vulnerabilities and entire facets of the process completely, according to BTL Group.
Reducing the vulnerability of the Oil & Gas industry value chain to cyber-threats, which are poised to multiply, is just one of several prospective streams of cost savings that reach billion-dollar multiples, energy blockchain-focused BTL Group asserts in a white paper.
The pioneering, utility-scale distributed energy-grid integraion projects will incorporate utility customers electric vehicle (EV) and household battery storage capacity and make use of a permissioned blockchain transaction/database system to be built by IBM using the Hyperledger Fabric platform.
Oxygen Initiative and Germany’s Innogy SE are adapting the Share&Charge e-mobility payments solution for use in the U.S., a bid that may spur uptake of EVs and hasten the advent of fully autonomous vehicles.
The project partners aim to demonstrate how BTL’s Interbit can be used to streamline notoriously cumbersome energy/power industry transaction processing and book-keeping and result in substantially reduced operational and adiministrative costs.
Renewable power generation is now cost competitive with fossil fuels, and industry participants foresee further gains ahead in light of ongoing technological innovation, efforts to craft industry standards and revise regulatory structures.
Blockchainfirst’s Ethan BIoT EV/Multipurpose Charging Station is the latest in a series of blockchain-enabled IoT devices the Singapore startup has introduced, and the first of a series of planned new product introductions in the works for 2017.
Success at Energy Academy Europe’s “Hackenergy 2016,” subsequent “hackathon” experiences and positive response from sponsors and industry insiders has led to the creation of a working prototype P2P distributed solar/energy trading/transaction platform and blockchain “green” energy startup.