Report: Five typical applications of blockchains in the power sector

On April 8th, the International Renewable Energy Agency (IRENA) released an innovation report in the field of renewable energy, introducing the application of blockchain in the power sector. Blockchain-based smart contracts can provide the impetus to modernize the grid, increase the use of renewable energy, especially intermittent sources that are difficult to absorb, while reducing costs and accelerating the transaction process. Specifically, the main uses of the blockchain include: 1) Point-to-point transactions (accounting for 36% of blockchain applications in the power sector), based on blockchains to reduce transaction costs, smaller power producers can sell themselves redundantly Renewable energy to other users; 2) Grid management and system operation (24%), blockchain technology makes the power network easier to control, as a smart contract will signal to the system when to initiate a specific transaction, ensuring all power and Storage flows are controlled to automatically balance supply and demand; 3) Financing renewable energy financing through mixed assets (12%), providing an attractive platform to reduce transaction costs and affordability; 4) Renewable energy certificate management (11%) The power used to prove that consumption is indeed renewable; 5) Electric traffic (11%), the blockchain can coordinate the charging of electric vehicles, without any centralized intermediary.