Application of Blockchain in Energy Sector

Abstract

The Indian economy and moreover the Indian energy sector is at the doorstep of revolution in the way energy is being transmitted. The process has begun to change the conventional system of transmission to more agile and smart system depended on advanced technology. Due to increase in the variety of sources of power, grid system in India has started experiencing stress. Above all this India will need a robust charging infrastructure for charging of EVs. Blockchain has the potential to solve the problem of India of creating a charging infrastructure in the short period of time and also can tackle the issue of lack of range of electricity for such EV. Blockchain even promises to present a practical solution of maintaining the transaction privacy of the users. With its distributed ledger technology, all the transaction done can be collected together and can be assigned a specific unique code thus maintaining the privacy. As renewable sector is growing at a significant 17.33% CAGR. The transmission & distribution losses and lower power purchase agreement (PPA) price for prosumer lead to further momentum in blockchain technology. Indian should grab the opportunity with both the hands and make the most of the best practices amalgamating with the innovation by Indian companies. India has the potential to become the driver of digitally driven future of distribution and transmission of renewable energy.