Leading Position for cyberGRID in Project FutureFlow
Blockchain is usually associated with Bitcoin, and financial transactions in general. But the possible uses of this new technology go far beyond digital currencies. The benefits that blockchain brings to the energy domain were shown in 2016, as the interlocked blocks of information used to create distributed ledgers could also be applied to electricity markets.
Since then, the power industry has been developing interesting use cases for blockchain technology while preparing the way for an energy revolution in which both utilities and consumers will produce and sell electricity. How so? Blockchain could help to secure reliability and cost-savings when financial or operational transactions are recorded and validated across a distributed network with no central point of authority.
EU-funded project FutureFlow is designed to create a unique cooperation scheme to open balancing and redispatching markets to new sources of flexibility, as well as to provide support to these sources to actively compete on various markets. In this project, the use of blockchain could allow for trusted information, such as device features, and standard compliance information to be published in an elegant, safe, and low-cost way. Because the technology is now at the center of the industry’s attention, blockchain can boost the impact of project FutureFlow’s activities to increase awareness for energy trading.
As for FutureFlow, blockchain could add specific value for such applications in the energy domain:
• Flexibility activation using blockchain Smart Contract
• Plug and play RTU device deployment for DR/DG nodes
The intended blockchain solutions for project FutureFlow would be developed as PoC (Proof of Concept), which should be implemented within the work package focused on prototype flexibility, with cyberGRID assuming the leading position in this pilot.