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Blockchain use cases

Energy

Energy

The energy industry is facing a number of challenges, including difficulties in trading energy locally and a lack of efficient data management tools for monitoring and conducting the distribution, sale, and consumption of electricity. Blockchain technology offers a solution to these challenges by providing improved data management tools for tracking and running the distribution, sale, and use of electricity, creating a more efficient and transparent marketplace for electricity and helping integrate Distributed Electricity Generation (DEG) into the grid for a more resilient, efficient, and sustainable smart grid. Additionally, blockchain technology can be used to improve the management of climate finance by leveraging its characteristics of transparency, traceability, and decentralization to improve the efficiency and effectiveness of funding and managing climate initiatives.

AstraKode for Energy3

Climate Finance

The management of climate finance faces challenges such as a lack of transparency and accountability, and blockchain technology can be used to address these challenges by leveraging its characteristics of transparency, traceability, and decentralization to improve the efficiency and effectiveness of funding and managing climate initiatives.

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Problem

The current management of climate finance faces a number of challenges, including but not limited to: difficulties in establishing standards and definitions; lack of transparency and accountability; infrequent monitoring and evaluation; and issues of overlapping and double counting; all of which are acknowledged despite the importance of technology and innovation in addressing climate change. The urgent need for money, the dispersed nature of the actors, and the sheer volume of resources involved all contribute to the inefficiency, indecision, and even corruption that plagues climate finance management.

Solution

Blockchain technology can be used to address the challenges faced in climate finance, such as difficulties in establishing standards and definitions, lack of transparency and accountability, low frequency of monitoring and evaluation processes, and overlapping and double counting. Blockchain’s characteristics such as transparency, time stamping and traceability, trust minimization, identity management, privacy, immutability, decentralization and reliable data storage, and compliance can be leveraged to improve the efficiency and effectiveness of the funding and management of climate initiatives.

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AstraKode for Energy

Electrical Grid Decentralization

Blockchain technology can be used to improve data management tools for tracking and running the distribution, sale, and use of electricity. This creates a more efficient and transparent marketplace for electricity, automates the buying and selling processes, and helps integrate Distributed Electricity Generation (DER) into the grid for a more resilient, efficient, and sustainable smart grid.

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Problem

The current legacy data management tools used for electricity distribution, sale, and consumption are inadequate to handle the increasing volume of IoT-connected devices and make it difficult to develop an efficient marketplace for electricity, resulting in wasted energy and high costs. This hinders the development of a more resilient, efficient, and sustainable smart grid by making it difficult to connect small-scale local renewable energy to conventional infrastructure and to create a marketplace where consumers can make granular decisions about when to draw from the grid and when to contribute to it based on fluctuating supply and demand throughout the day and overtime.

Solution

Blockchain technology can be utilized to support the decentralization of electrical grid services, providing improved data management tools that enable the creation of a more efficient and transparent marketplace for electricity. Smart contracts can automate the buying and selling process, promoting P2P electricity distribution and eliminating the need for intermediaries. Blockchain technology can also support the integration of Distributed Electricity Generation (DER) into the grid, enabling a more resilient overall grid, higher potential for usage of renewable energy sources, and ultimately lower costs for consumers by providing an interoperable platform for secure, transparent, immutable, and automated transactions.

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UseCases

Trading Energy

Current energy trading systems cannot locally sell virtual products and services like solar cell energy utilizing smart contracts. To solve this problem and provide energy storage and flexibility, new blockchain technologies are needed. Hardware security, smart meter gateways, and cryptographic blockchain technology prohibit third-party meddling and safe energy trade.

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Problem

Transparency and confidence in traditional energy trading systems are major issues. This may make it hard for individuals and smaller energy providers to enter the market and for customers to verify their energy purchases. Energy traders are struggling with a lack of openness and trust. Traditional energy markets manage all information via one middleman. Thus, inefficiencies, high transaction costs, and few market entry opportunities may follow.

Solution

The distributed, immutable, and tamper-proof ledger that blockchain technology provides for recording and validating energy transactions has the potential to resolve these issues. Smart contracts used on a blockchain may streamline the trade of energy and open up new markets for doing so. Additionally, by recording and tracking the origin of renewable energy through blockchain, consumers can be certain that the energy they are buying comes from a renewable source.

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