BlockCypher, a Blockchain startup, is partnering up with US Department of Energy to research on solutions enabling energy transactions across multiple blockchains.
BlockCypher and the energy agency’s National Renewable Energy Laboratory (NREL) first blueprint consist of testing peer-to-peer energy transactions involving distributed energy resources (DER) across the dash cryptocurrency network two test homes located in NREL’s facility.
Dylan Cutler, senior engineer for the initiative at NREL said,
“Blockchain technology presents a transformative and highly scalable platform for enabling distributed energy markets, which could enable DER to interact more effectively with the larger grid. These interactions include more efficient demand response, capacity reserves, power quality support.”
Head of Growth at BlockCypher, Karen Hsu believes that this project will enable exchange of renewable energy peer-to-peer and would be important during natural disaster or when the grid goes down for longer time.
This project will help in streamlining the demand for energy consumption, and thus eliminate power deficit ring times for high energy usage. Meters with the ability to exchange the electricity for cryptocurrency will not only make the grid but also stablise by enabling monetisation of stored energy.
A research laboratory in U.S. Department of Energy has been exploring application of blockchain in managing next generation power grids.