“ THE ROLE OF THE BLOCKCHAIN IS FUNDAMENTAL , SINCE IT GUARANTEES THE INTEGRITY AND UNIQUENESS OF THE ENERGY SAVING DATA OBTAINED .”
The data that each smart meter will transmit will be validated and certified by the blockchain , so as to be able to unequivocally guarantee the savings obtained at a certain point in time and , therefore , the quantity of KWh saved which will be loaded on the user profile of the contributor .
Each EFFORCE token holder will be granted with the access with priority to the energy savings projects that will be listed in the platform , contributing to the spreading of energy efficiency on a global scale .
Each project will have a wallet in which the amount of KWh saved from that project will be accrued . In this way each token will accumulate the KWh of energy saving achieved . Or to put it another way , the energy savings of a third party are tokenized and can be used by everyone . In a report last year , McKinsey said the industry needs an ‘ energy eBay ’, one where Blockchain-oriented realtime transactions between power generators and storage providers are made in response to actual supply and demand .
Blockchain technology ’ s relatively low transaction costs allow smaller energy producers , or ‘ prosumers ,’ to sell excess energy they don ’ t use . This ramps up competition and makes the grid more efficient .
According to reports by Deloitte and PWC , blockchains have the potential to radically disrupt energy related products and commodities , as they become digital assets that can be traded interoperably .
But the downside is blockchain technologies are still in their infancy and issues surrounding security , governance and scalability remain , added McKinsey .
59 energydigital . com