Blockchain platform can act as supporting infrastructure enabling P2P energy trades among distributed energy producers where excess energy can be shared with the ones who need it. Blockchain potential coupled with smart contracts technologies represents a significant innovation push for energy industry. Blockchain has the ability to pre-program “smart contracts” that can trigger transactions automatically. These smart contracts can be set to allow Prosumers (person who consumes and produces)to feed surplus energy into the grid through a Blockchain-enabled meter. The flow of electricity is automatically coded into the Blockchain and algorithms match buyers and sellers in real time based on preferences. Smart contracts then execute when electricity is delivered, triggering payment from buyer to seller.
Other potential applications include authenticating renewable at the point of origin or keeping a record of emissions’ permits. Blockchain application could affect energy commodity trading as well, by disinter mediating and streamlining trade processes.
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