Ahead of Ethereum’s launch, a faction of its main founders partnered with seasoned policy professionals, energy executives, and academics to explore meaningful use cases for blockchain in energy. , a sector that they believe could benefit from emerging technology.
Dr Ana Trbovich, co-founder and COO of this longtime alliance, Grid Singularity, told CryptoSlate in an interview at the Malta Blockchain Summit how her decentralized energy project plans to develop a smart, green and distributed global energy ecosystem.
“Not a typical startup”
For based in Berlin Singularity of the grid, decentralization is the next step for energy.
In a market where renewable and distributed generation systems, microgrids and peer-to-peer commerce are poised to supplant centralized industrial-grade power generation, Trbovich explained that his team understood early on that blockchain was the answer:
âDecentralization is essential because it allows consumers to better choose how they use electricity and their private data. “
However, as the proliferation of early dApp projects in 2016 began to take hold, Grid Singularity concluded that no blockchain was yet equipped to provide the envisioned distributed energy data exchange ecosystem. In addition, there were concerns that they would be left to wait years for the âright base technologyâ to fall into place. Even in 2018, Trbovich maintains that the bulk of blockchain projects remain stuck at the proof of concept stage.
Yet it was this technological deadlock, she explained, that gave birth to Grid Singularity’s existential mission: to build the very technology that she believed companies would need to “get to commercialization sooner” and use blockchain to revolutionize the energy sector.
In partnership with the Rocky Mountain Institute in 2016, an American non-profit organization promoting renewable energy and sustainability, Grid Singularity co-founded the Energy Web Foundation (EWF) in Switzerland in January 2017 and began work on the Energy web channelâAn open source blockchain âspecially designed for the regulatory, operational and market needs of the energy sectorâ.
And with the main founders of Grid Singularity, consisting of the co-founders of Ethereum, Gavin Wood, Jutta Steiner, Aeron Buchanan and a team of other talented blockchain developers and energy engineers, Grid Singularity seems to have launched its mission to build âthe oneâ dApp Platform for Energy.
Europe: the new global Silicon Valley?
Two years later, the Energy Web Foundation seems decidedly close to entering the market.
With a test blockchain network based on proof of authority and parity client, Trbovich maintains that the project’s ‘open and decentralized energy data exchange platform’ will benefit the market with a number of applications. when it launched in mid-2019.
Startups and ‘innovative legacy companies’, like Singapore Power, use the Energy Web Chain, along with a number of other startups and utilities, mostly clustered in Europe, creating a diverse range of dApps, including certification and renewable energy trading, shared billing for electric vehicles, demand flexibility, home management applications and billing, âsaid Trbovich.
But whatever impact Trbovich (also a board member of a leading European institution for the promotion of technological innovation, the European Institute of Innovation and Technology) thinks the project will have In the marketplace, she seems to think it will be some time before regulators approve the project’s âmost excitingâ use case, peer-to-peer energy trading. As indicated during the interview:
âIt is understandable that regulators want to ensure that energy is delivered and exchanged safely. It will take some time to bring together the legal and technical ingredients for the most creative disruption in blockchain. “
âA number of governments are using regulatory sandboxes to test what appears to be a radical shift to peer-to-peer energy markets,â Trbovich said. However, it has its money on Europe as a future innovation leader in the energy blockchain space, not only as a continent with a ‘culture of support for clean and green technologies’, but as a that favorite ground of the main developers of Ethereum.
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