In the US there have been numerous projects offering the transport industry time effective payment for electric-vehicles. By downloading a secured blockchain wallet onto one’s phone, drivers can pay for electricity quickly and have access to real-time pricing data of all accessible charging stations. The trustless nature of the blockchain framework ensures the retail energy market does not see transactions tampered with especially from institutions and corporations that seek to monopolize.
While monitoring of transactions cut costs due to smart contracts that remove the need for third party involvement. Emergency response teams dealing with cryptocurrency compliance can protect companies and consumers from fraud, potentially saving billions of dollars in loss. When considering the increased demand for energy in the United States, the blockchain framework responds to the demand with superior efficiency, security, and cost-effectiveness.
Successful Blockchain Energy Initiatives
LO3 Energy Exergy
Brooklyn Microgrid LO3 Energy Exergy used to manage payments between generators and users on a microgrid located in Brooklyn New York. A smart meter measures the buildings energy production and communicates with the network to manage energy. The legacy energy grid makes it easy to establish a community of buildings to generate, store and trade energy locally. The term Exergy is a permission data platform that creates a localized energy marketplace for transacting energy across existing grid infrastructure.
Another success story in the United States retail energy sector is EMotorWerks which tested a distributed peer-to-peer charging marketplace. The brilliant concept follows the philosophy of the sharing economy to provide a tool for owners of home chargers to profit off their devices instead of leaving it idle. When considering the popularity of Tesla and other fuel-efficient vehicles favored on the West coast, the peer-to-peer blockchain integration is likely to be well received and attract more drivers to convert electric vehicles. Since there are a scarce number of charging stations currently available such an option will be tremendously beneficial to current users.
The ImpactPPA is another American blockchain based platform that permits consumers to pre-pay for electricity from a mobile device. The unbanked also benefit by being able to transact energy on the platform while protecting their personal identity. By interacting with one’s smart meter through the mobile application, the electricity can be purchased safely, efficiently and more cost-effectively. The cybersecurity risks non-blockchain devices experience are not more avoidable in products like ImpactPPA due to the incorruptibility of algorithms with a network that contains very long randomly generated passwords, difficult for hackers to break.
With the energy of the blockchain framework to the retail energy market, the field for competition will widen, allowing for the best concepts to flourish based on consumer interest instead of being governed by political interests. Compliance will remain central to ensure any tokenized energy companies follow state regulation but profit development for investors and consumers will not be hindered since public support will expect government loosening of laws in order to provide environmentally friendly alternatives. Furthermore, the United States has much home-grown talent producing a strong blockchain energy retail market that must be supported by the public sector due to its ability to respond to consumers expectation of greater efficiency, security, and cost-effectiveness.
Written by Shermineh Esmati
As the CEO and founder of Cyrus BC Inc. Shermineh provides advisory services to promote the interests of her clients through the application of innovative products. One focus of Cyrus BC is to bring deliverable blockchain initiatives to the attention of investors focused on the security and socio-economic benefits of the technology.
With a background in foreign policy and intelligence analysis, Shermineh has been using her grasp of geopolitics to aid blockchain companies to best pursue growth while respecting international cryptocurrency regulations and blockchain policy. To ensure the expedited adoption of fintech products she is working with Blockchain Intelligence Group, New Economies DLT and building collaborative efforts for AI blockchain projects soon to be announced.
Shermineh has experience advising intelligence agencies, political leaders, management consultancies and human rights organizations. In the pursuit of developing an expertise in international security, Shermineh obtained her bachelor’s degree with a Specialist in Political Science at the University of Toronto and is completing her master’s degree in Government at Harvard University. To further Canada’s efforts in emerging technology she is also a member of the Blockchain Association of Canada and an Advisor to the Open Source Data Committee at the Treasury Board Secretariat in Ottawa, Canada.