Energy tech company ABB has launched a pilot project to investigate how blockchain can advance the solar energy market.
International electrical engineering company ABB has rolled out a blockchain pilot to explore how the technology could promote the role of solar energy in peer-to-peer (p2p) energy trading, technology-focused media outlet PV Tech reported on May 16.
To implement the project, ABB collaborated with Italian energy aggregator Evolvere to deploy a blockchain it jointly developed with blockchain-based platform Prosume. The pilot will purportedly enable transparent and secure p2p energy transactions, as well research blockchain’s role in the smart grids market.
ABB told PV Tech that the project’s objective is to make blockchain-ready inverters so energy market participants can reduce both capital and operational expenditure costs. Giampiero Frisio, head of ABB’s smart power business, said, “the Evolvere project has allowed us to develop viable and proven solutions for the market in anticipation of new dynamics and regulatory frameworks coming in to place for blockchain technology.”
ABB Group is involved in several “smart” and renewable energy projects, including smart gas and electric cars. ABB has operations in Europe, North and South America, Asia, Africa and Australia. In 2018, the firm had an operating revenue of over $28.5 billion.
Blockchain has been gaining traction in the energy sector around the world. Earlier this month, American blockchain startup Data Gumbo Corp. raised $6 million from major energy companies, including the venture wing of Saudi Arabian national petroleum and natural gas company Saudi Aramco. The investors purportedly expect Data Gumbo’s blockchain-as-a-service platform to improve oil and gas supply chains by eliminating disputes and enabling automated payments.
In April, Austria’s largest energy provider, Wien Energie, developed a blockchain-driven fridge in partnership with tech giant Bosch. The main goal behind the project is to increase consumer interest in the sustainable consumption of energy. A blockchain solution in this case allows one to choose the source of the energy, be that a solar panel or a wind power plant.