China isn’t the only country getting serious about blockchain. Take it away, Decrypt:
A Russian power grid company is piloting a blockchain-based system that’ll automate electricity metering. Those behind the pilot, so far implemented in 400 homes in the Kaliningrad and Sverdlovsk regions, are planning on expanding the pilot to serve the regions’ combined population of 5.3 million early next year, before rolling out the system nationwide.
The system was designed by Moscow-based blockchain firm Waves and applied by Russian energy grid operator Rosseti. Alfa Bank, a partner in the project, does all the number crunching on the payments side.
The pilot works by logging how much electricity a household uses on a decentralized ledger, which is then displayed on an app so that users can monitor how much power they’re using. The app also examines households’ energy usage, providing them tips when they decide to switch to a more economical plan.
A smart contract meanwhile splits the revenue between the sales and revenue firms.
“The existing system of interaction and information exchange between electricity generators, grid and sales companies, as well as consumers, lacks transparency and trust between participants,” said Waves Enterprise in a statement. They hope the pilot would see blockchain automate communication among the energy providers, suppliers, and consumers.
Photo: Yves Picq