Blockchain and Energy Applications
Blockchain technology is here and it isn’t going away. The number of projects being developed by various organisations around the world using blockchain is increasing rapidly as people wake up to its potential.
Argand Solutions have begun exploring and developing in the world of blockchain.
The reason is that we are actively managing large amounts of energy & system risk data from a combination of commercial / industrial, renewable energy high voltage distribution network operator sites.
As the number of data points that we collect, store, manage and analyse increases exponentially the development of blockchain as a technology for ensuring the integrity of data is key to our philosophy as we scale and develop. The ’analogue’ methods currently used by other competitors to generate, track, record, produce, use, invoice, analyse, verify and secure in this increasingly complicated mix of assets and data, are no longer valid.
Blockchain is the next generation of web technology. We’re excited about using it to design transactional energy data systems that move beyond many existing offerings.
The ‘ledger’ will enable us to track all data points within our ecosystem of transactions.
Specifically, this will support our ‘automated billing’ application. This enables landlords and renewable energy owners to automatically collect payments for “behind the meter” power purchase agreements (PPAs) from tenants & / or private wire tenants to ensure every kilo Watt hour (kWh) is accounted for and is transactionally secure.
Blockchain is also supported by our use of message brokers for managing large amounts of data traffic and adds another level of integrity to the data hierarchy.
Building on the work and code-base we are already using, along with our existing client data, puts us in a very good position to work with these new techniques for big data management, manipulation, control, analytics, prediction and financial exchange of energy.
Security at every stage in the process is of increasing concern to service providers and users. This is something that blockchain addresses head on. It’s innovative architecture means that a high level of security is intrinsically built directly into the system. A record within a block cannot be altered without the others nodes on the network noticing. To make a change you would need to alter all of the subsequent blocks in the chain. This is extremely computationally expensive and therefore reduces the risk of attack.
Call or drop us an email if you would like to talk more about how you can utilise blockchain to increase trust, accountability and transparency within your organisation.