Session 3B: Utility Management Strategies
Blockchain is a distributed, digital transaction technology that allows for securely storing data and executing smart contracts in peer-to-peer networks. The first blockchain was developed in the financial sector to serve as the basis for the cryptocurrency “Bitcoin”. More and more new applications have recently been emerging that add to the technology’s core functionality by integrating mechanisms that allow for the actual transactions to be effected on a decentralised basis. These mechanisms, called “smart contracts”, operate on the basis of individually defined rules (e.g. specifications as to quantity, quality, price) that enable an autonomous matching of distributed providers and their prospective customers. Blockchain has grabbed the attention of the heavily regulated power industry as it braces for an energy revolution in which both utilities and consumers will produce and sell electricity. This would become an effortless experience for the customer, yet allow them to interact via their home directly to energy sellers. Blockchain could offer a reliable, low-cost way for transactions to be recorded and validated across a distributed network with no central point of authority. The “prosumers” can sell their surplus energy to other customer in the network directly through contracts established and validated through Blockchain.
Reena Suri, General Manager, India Smart Grid Forum