Energy Web Foundation secures funding for blockchain solutions
A conglomerate of energy companies has funded the Energy Web Foundation, a nonprofit organization founded by Rocky Mountain Institute and Grid Singularity for the purpose of accelerating blockchain technology deployment within the energy industry, according to a press release.
Companies in the conglomerate include Centrica PLC, Elia, Engie, Royal Dutch Shell PLC, Sempra Energy, SP Group, Statoil ASA, Stedin, TWL and Tokyo Electric Power Co.
"The main challenge of the electricity sector in the 21st century is to integrate more renewable energy into the grid in a cost-effective fashion in a context of largely flat or diminishing demand," Hervé Touati, a managing director at RMI and president of EWF, said in the release. "The only way we know how to do this is by automating the demand side — by allowing many more participants in the grid. That means automation at the distribution edge, and integration of this automation with wholesale markets. We are excited by the potential of blockchain technology as an enabler to realize that vision."
EWF will provide development and testing for platforms and solutions designed to decentralize and streamline energy records and transactions, according to the release.
"Blockchain will not be the only building block of the 21st century grid, but it will most likely be a key building block," Toutti said. "It also provides much higher levels of cybersecurity essentially for free — which addresses, as a by-product, one of the key concerns of utility executives when it comes to distributed energy resources."