Russian scientists are working on the innovative blockchain platform that will be capable of keeping records on electricity production and consumption rates and billing the consumers.
Application of blockchain technology will allow for cutting out middlemen in power supply system and spare the utility services from much of the paperwork, as reported by Ural Federal University’s (UrFU) press office, the latter institution being a participating partner in the project.
“A “smart” blockchain platform for electric power management is being developed by Russian scientists. The platform reduces electric power consumption, captures data on electricity production and consumption rates, issues electricity bills in automated mode and performs many other functions. The project has already passed several stages of expert examination. By now, it is included into Power&Energy acceleration program run by Russian Venture Company-owned GenerationS startup accelerator,” – the report reads.
According to UrFU, the project is potentially applicable to the field of power supply, both at household and agglomeration scales. As reported by the project manager Jan Koifmann, the blockchain system may also be implemented in water and gas supply, heating and other spheres.
“These are not the end-consumers alone – whether these be households or major participants – but manufacturers and controllers as well who will be affected by the solutions offered by this platform. The use of closed blockchain system removes the need for such intermediaries, as all the settlements between electric power suppliers and consumers will be carried out in a direct manner,” – Koifmann stated.
As reported earlier, the Ministry of Construction, Housing and Utilities is developing a blockchain-based solution for utilities management and monitoring. It is expected that the new system will allow for utilities assessment automation, while offering more flexible tariffs and discount programs to consumers.