The energy market and the needs of consumers are changing constantly. Smart solutions and applications have become an indispensable part of that market. The ETIBLOGG (Energy Trading vIa Blockchain-Technology in the LOcal Green Grid) Project aims to develop blockchain-based solutions to make trading with even the smallest amounts of energy more efficient and most of all faster.
How does it work?
The best-known current application of blockchain technology is found in the cryptocurrency Bitcoin. But not all blockchain technologies are the same, just as not all applications are the same. Customers have different needs at different times when it comes to energy consumption, and under different basic conditions. For instance, if neighbor A has a photovoltaic system but does not use all of the energy it produces, he might sell energy to his next-door neighbor B. This kind of immediate and local energy trading would ease the burden on the German national power grid, and at the same time benefit individual power producers, like owners of photovoltaic systems.
Who is in it?
On 1 April 2018, our consortium of eight partners from industry and research received a support mandate by the German Ministry for Economy and Energy (Bundesministerium für Wirtschaft und Energie = BMWi) as part of the technology support program “Smart Service Welt II” for this and several other application cases. Also, ETIBLOGG is supported by four institutions. Over the next three years, the twelve companies and scientific institutions will contribute substantially to finding a compact and smart solution with their varied expertise in the energy sector and energy trading, embedded software, blockchain technology, security, and much more.