Challenges faced by the energy industry
Inefficient energy distribution
Excessive billing on the wholesale electricity market keeps putting a dent in consumers’ wallets. CBC reports more than $100 charged as a national average per month in the US alone.
High investments
As companies heavily invest in developing bespoke commodity trading platforms, they pay a considerable extra to maintain and secure these systems.
Green market issues
Continuous development and poor traceability of produced carbon assets, errors in their transmission and processing slow down the overall growth of the green market.
Centralized power
Renewable energy remains cost-competitive for its monopolized ownership, with the highest rates in Australia, where prices per kilowatt-hour exceed $0.50 on average (according to Toptal).
Untraceable energy sources
Electricity and gas suppliers often tend to neglect consistent tracking of energy and commodities, providing imprecise certificates of origin upon delivery as the only evidence.
Fractured data transfers
Changing electricity suppliers involves extensive data exchange between companies that mostly operate with manual information systems complicating the entire transmission process.
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Get expert adviceBlockchain solutions for energy from Aetsoft
Direct purchases of energy
Reduce bills by excluding intermediaries; with a blockchain-enabled energy trading platform, you will allow users to purchase energy directly from the grid.
Distributed energy
Establish peer-to-peer energy trading via blockchain, where users can buy and sell surplus solar energy and renewable assets at mutually agreed prices.
Fast carbon asset development
Speed up the development of carbon assets with a distributed blockchain technology that facilitates provenance tracking and establishes fast, accurate, and autonomous transfers.
Autonomous commodity trading
Provide automatic trades and record transaction history on a universal, self-enforcing, and tamper-proof blockchain ledger to save money on security and maintenance.
Energy traceability
Quickly and easily verify output data of each asset by linking them to encrypted digital IDs; trace assets back to their source to provide comprehensive certification throughout delivery.
Frictionless data transfers
Streamline data transfers between energy supplies through blockchain-based tools that seamlessly share data among all the involved parties.
Blockchain applications in energy
Use case 1. P2P energy trading
Currently
Marked up by retailers, wholesale energy prices become a hard bargain for consumers, not to mention the time required to obtain requested resources.
With blockchain
Speed up and rationalize the whole trading process by enabling intermediary-free, distributed power grids, from where consumers can purchase energy directly.
Use case 2. Cost-effective maintenance
Currently
Companies that run their own commodity trading platforms have to pay through the nose to mitigate continuous maintenance and security issues.
With blockchain
Cut operating expenses with a distributed blockchain commodity trading platform that autonomously maintains its security through encryption and digital IDs.
Use case 3. Decentralized power
Currently
With the monopoly on power, consumers have to deal with exorbitant fee amounts defined solely by energy providers.
With blockchain
Distribute power among consumers through a blockchain-based platform enabling fast and robust trading at agreed prices.
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