GoChain Solutions for Energy & Sustainability
Energy companies, ranging from utility providers to oil and gas enterprises, are recognizing the transformative impact of blockchain technology.
The energy landscape is drastically changing & consumers are moving away from existing utility models
Due to the evolution of the modern electrical grid and energy distribution, energy companies and utilities are managing lower margins and increasing competition.
Difficulty forecasting customer base changes
The advent of renewable energy sources including residential solar, smart home tech, and inconsistent spikes in energy demand have created new challenges for energy & utilities (E&U) to effectively maintain their customer base and forecast an accurate profit model, and efficiently process payments and billing.
Inaccurate & inefficient energy supply chains
Electrical Utilities and Substations require accurate information and data that reflects the conditions of the grid, demand analysis, consumer purchasing trends, and distribution management along with demand offset from renewables. Current tools make it difficult to effectively manage the complex energy distribution supply chain.
Lack of information for energy traders
At the RTO and ISO level, energy traders require accurate demand forecasts along with verified records of settlement. Similarly, the broader energy.& utility (E&U) market relies on accurate load forecasts and demand analysis to prevent outages, dispatch service workers to ensure effective transmission, and alert customers and municipalities of potential grid disruptions and downtime.
Smart Energy Supply Chain and Data Management with Blockchain
Efficient & compliant transactions
Smart contracts along with automated payment technology enables utilities and substations to accurately audit and review critical data with an immutable ledger and ensure that energy transactions are efficient and compliant.
Enhance response time for HMI, alarm systems, and RTU/PLC
Since substations are typically unmanned locations relying on SCADA, advanced technology for automated distribution and voltage management is paramount. Blockchain smart contracts act as a value add by enabling SCADA systems to manage electrical transmission and scheduling by enhancing response time for HMI, alarm systems, and RTU/PLC.
Audit and review critical data with an immutable ledger
Smart contracts along with automated payment technology allows utilities and substations to accurately audit and review critical data with an immutable ledger and ensure that energy transactions are efficient and compliant.
“Adding to the transformational change caused by distributed energy resources and renewables, energy systems are on the brink of entering the digital era as shown by the massive deployment of smart meters in numerous countries. In the UK alone, 53 million electricity and gas smart meters are planned to be installed by 2020, one for every home and small business.”
Multiple Authors, Blockchain technology in the energy sector: A systematic review of challenges and opportunities
Make Your Meters Smart
As the complexity of grid and energy management continues to increase, smart metering technology has become a viable solution for automating energy purchasing and distribution.
Automate energy purchasing with smart contracts & digital payments
Smart contracts can be added in order to leverage accurate and immutable data which extends to automatic meter reading (AMR). Connecting smart contracts with smart meters and AMI networks provides utilities with an advanced way to analyze and automate time-based pricing and demand-response actions.
Get critical insights using accurate, immutable data
Using accurate consumer records and data to report unexpected changes in the energy demand equation, smart contracts provide critical data insights for demand generation, transmission, and billing.
Protect against fraud and keep data secure
GoChain's blockchain protocol and smart contract applications arm utilities, substations, and service providers with a cryptographically secure data layer which can be integrated with smart meters to create a message authentication code (MAC) in compliance with IEC 62056 and similar standards.
“Blockchain technology in the energy market is predicted to hike from USD 200 million in 2018 to around USD 18 billion by 2025.”
Global Market Insights Inc
Simplify Payments & Energy Credits Digitally
Reduce transaction fees by removing intermediaries
Along with accurate data records, blockchain technology introduces several solutions for settlement and transactions including digital payment platforms, which reduce the time and cost of settlement and credit transfer with a secure and transparent ledger that connects both parties.
Easily Manage Digital RECs and Offsets
Renewable Energy Credits (RECs) for consumers and businesses are placing an increasing demand on utilities and service providers to account and transact quickly. Utilities benefit directly from implementing a blockchain application as a way of managing REC and Offset transactions with a user platform designed for digital transactions and asset transfer.
“In a recent pilot, a major energy company demonstrated that the use of blockchain technology to facilitate and track gas trades reduced overall costs by 30–40%.”
Start modernizing your energy & sustainability business now
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