During a blockchain demonstration for EU delegates some very interesting questions were raised on the development of a EU wide energy blockchain infrastructure. A challenging topic and an initiative which we take very serious.
Visit of European Commissioner Moedas and EU Parliament members
In April, the European Commissioner for Research, Science & Innovation Carlos Moedas visited Delft University of Technology. He was accompanied by several European Parliament members and also a delegation of the Dutch government, headed by the minister of Education, Culture and Science Ingrid van Engelshoven. Objectives of such visits are to learn about the readiness of Universities of Technology – in this specific case the TU Delft and South Holland region – to contribute to H2020 and FP9 Framework Programs.
During the visit, TOBLOCKCHAIN was invited to demonstrate the PowerToShare energy blockchain infrastructure which we recently launched. Kaushik Khakhar, CEO and Co-founder of TOBLOCKCHAIN presented delegates the implementation of a PowerToShare energy blockchain infrastructure at the Green Village on which several Dutch energy applications are running. A real glance into the future, fully operational at the Green Village.
Questions about a EU energy blockchain infrastructure
During the session one of the attendees, Mr. Luuk Borg (Policy advisor to the European Union) raised a question about the need for a EU wide blockchain infrastructure. He referred to the EU Digital Day in April in which blockchain was an important topic and where the need for a EU blockchain infrastructure was discussed extensively. The idea is very valid. One of the things we learned in the projects we have done so far, is that although there is consensus that blockchain technology is required to facilitate the renewable energy market, the market and regulation complexity may slow down real investments.
Energy blockchain infrastructure to boost the renewable energy investments
As Kaushik Khakhar explained in the session with the EU delegates, the benefits of a decentralized renewable energy market are spread over the entire energy value chain. For example peer-to-peer trading and sharing which stimulates citizens to invest in decentral renewable energy sources and helps governments to achieve their climate objectives. But also demand-response algorithms which make it possible for TSOs and DSOs to save hundreds of millions of Euros per year on infrastructure costs and new investments.
At the same time, there is one technical and market mechanism required to enable all these business benefits. Joint efforts to create such an energy blockchain infrastructure as a base layer for the decentralised energy market seems a far better approach than each party working on his own energy silo. It is therefore a very relevant discussion which we embrace at TOBLOCKCHAIN.
Altogether we look back at a very inspiring session with delegates from the EU commission, the EU parliament, the Dutch government and TU Delft. The EU interest and their invitation to discuss the European blockchain infrastructure is a sign of what we have accomplished as a company. Especial Thanks to the TU Delft, and The Green Village for making this event possible.
In case you have more questions on PowerToShare energy blockchain and like to learn how it creates impact in the Dutch energy sector with a strong potential for replication at the European level, feel free to contact us.