In this article I'm going to show another example for a useful application of blockchain technology in real life. This time I take a look at the first worldwide online platform that allows customers to buy reneable energy which is based on blockchain technology.
In Germany utility expenses are quite high. Electricity prices have risen constantly during the last years, especially since the proclaimed German energy transition beginning in 2011. More and more people pay attention to clean energy supply. Clean energy means ecologically produced energy (solar, wind, biogas) or energy produced by water turbines. Unfortunately, regulations and laws like the renewable energy law (Erneuerbare-Energien Gesetz) make electricity for the users more expensive than it should. How can customers benefit from better conditions concerning renewable energy supply? Here blockchain technology can help.
The solution is quite simple. Customers can mix their own portfolio of clean renewable energy suppliers and consume electricity from different sources (wind, solar, biogas, water turbines etc.). They can close a contract directly with decentralized producing companies, which means fees for an intermediary supply service would be omitted. Blockchain makes it possible. The German city Wuppertal has developed the first worldwide online platform for electricity supply based on blockchain technology. It is called Tal.Markt.
Since last year customers from all over Germany can open up an account on Tal.Markt. They can order electricity directly from renewable energy producers and from different sources. You can choose for your own and decide if you want to receive electricity from a local solar production facility, from a local wind energy field or from another supplier. The electricity comes directly from the production to the customer.
Tal.Markt is based on the peer-to-peer platform Elbox which has been developed by a company called Axpo. Every unit of consumed electricity can be assigned to the customer. Blockchain make transactions secure, free from manipulations and mistakes such as double bookings.
Tal.Mark is an online trading platform for decentralized energy supply. Here is a short summary of the advantages of this revolutionary blockchain project in the energy business sector:
- Customers can avoid electricity supply from conventional energy sources (e.g. coal, nuclear power)
- Customers can mix their own clean renewable energy portfolio
- The supply is matched exactly with the customer's use
- Local decentralized renewable energy suppliers are supported
- Real-time energy settlement
- Transactions are blockchain based
- Customers can double check from which source their electricity is coming from
- Free from manipulation
Take a look at my other articles about how blockchain technology is used in real life:
Vehicle-To-Payment Infrastructure: How Blockchain Can Make Railway Control Systems More Efficient
How To Use Blockchain In Real Life
Diamonds And Trust - What Does Blockchain Have To Do With It
