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Ecosystem for Transactive Energy Management Using Blockchain Technology

Technology Overview

The management of power distribution networks has become increasingly challenging, largely due to high electricity demand and the growing use of Distributed Energy Resources (DERs) such as renewables. 

As a result, the traditional hierarchical and centrally-controlled approach of managing power distribution networks is now shifting towards the use of smart power grids which allow for better management of distributed energy production. Managing such smart grids with a decentralised transactive energy approach presents new opportunities to optimise power flow, and improve stability and efficiency. 

A Ukrainian software engineering provider, specialised in decentralised technologies, offers an ecosystem for transactive energy management. Using blockchain technology, the ecosystem can solve engineering, economic, environmental and societal energy transition challenges for smart grids, off-grid and urban microgrid energy assets management – with zero transaction costs.

The company is seeking innovative partners from Singapore with expertise in the energy, CleanTech, GreenTech space to cooperate in a joint participation in the Eureka GlobalStars-Singapore call.

Technology Features & Specifications

The modular ecosystem is built on the Hyperledger Fabric distributed ledger framework for building a financial layer in smart grid, transactive energy, renewable energy, and e-mobility digital infrastructure. This technology is fully compatible with the requirements for the corporate and public critical infrastructure, which include scaling, security, etc. 

The use of blockchain technology allows the building of a seamless and borderless environment for the electricity transition between all participants, while eliminating transaction costs.

So far, the ecosystem has been used with peer-to-peer energy assets trading, Distributed Energy Resources (DER) identity and access management, energy assets ownership management, electricity distribution management, Renewable Energy Certificate (REC) management, electricity-as-a-commodity business model execution, and distributed data storing and management. 

The company has a track record with expertise in building solutions for Industry 4.0 issues: blockchain, future of energy, digital identity, decentralised asset management, financial products and services.

Potential Applications

The ecosystem for transactive energy management is suitable for use in the following areas: 

  • Smart energy grids
  • Transactive energy
  • Renewable energy 
  • E-mobility

Customer Benefits

The benefits of the transactive energy management ecosystem include the following:

  • Zero transaction costs
  • Trusted environment
  • Compatibility of system elements
  • Distributed systems management
  • Interaction of elements for energy structures

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