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A new blockchain solution outside of Canada aims to increase the adoption of electric vehicles (EVs) by reducing transaction costs.
The blockchain-based electric vehicle charging management platform was implemented by two Canadian companies. These are Toronto-based SWTCH Energy, a provider of charging and energy management solutions for electric vehicles, and Opus One Solutions, a provider of transactional and distributed energy management software.
The two companies are integrating transactive energy networks that leverage electric vehicles as distributed energy resources, using two-way vehicle-to-grid (V2G) charging and blockchain technology.
The platform will initially be demonstrated in Toronto, with plans for national and international expansion.
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The goal of the initiative is to promote the commercialization of innovative electric vehicle charging technologies by exploiting blockchain and V2G within the transactive energy networks. Ultimately, with these tapping into both location and time-specific price signals, the transaction costs of EV charging should be reduced and network efficiency improved.
A particular focus in Toronto and other cities in Canada is the accessibility of electric vehicle charging in high-density multi-tenant urban settings.
“As the adoption of electric vehicles grows and our energy systems become increasingly decentralized, our blockchain-based solution is poised to deliver maximum value to all stakeholders involved in integrating electric vehicles into the distributed energy ecosystem. “promises Carter Li, CEO of SWTCH.
The transportation sector in Canada accounts for 25% of the country’s greenhouse gas emissions. The increased adoption of electric vehicles is therefore the key to decarbonising the sector and moving towards a low-carbon future.
The collaboration is supported with CA $ 1 million (US $ 0.8 million) from Natural Resource Canada’s Electric Vehicle Infrastructure Demonstration (EVID) program. Other partners in the Canadian $ 2.6 million project include utility Toronto Hydro, University of Toronto, University of Waterloo, urban planner IBI Group, and US electric vehicle charging station provider PowerCharge. .
No details have been made available on the implemented blockchain technology. However, previous work on the blockchain in electric vehicle charging at the University of Waterloo identified a lack of trust between charging service providers, homeowners and electric vehicle owners and highlighted the need for an open platform. to mitigate this trust issue.
