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New blockchain use cases are being developed for Energy Web’s decentralized operating system (EW-DOS) and the EW chain.
These include enterprise-grade settlement services, the integration of distributed resources, the growth of geothermal energy in Germany and the advancement of token-enabled ecosystems.
Business software provider R3 is partnering with Energy Web to unlock same-day settlement for network services for devices, businesses and customers. Traditionally in the energy sector, settlement and payment management for this purpose is imprecise, with little transparency on resource use or the calculation of fees and revenues, and can often take up to a year.
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The solution will link Corda, R3’s enterprise-grade blockchain platform, with the Energy Web stack. Corda enables companies to transact directly and in strict privacy using smart contracts, reducing transaction and registration costs and streamlining business operations.
Furthermore, the complexity of net settlement of utility bills in tiered markets can be greatly simplified and the risk profiles for energy transactions reduced.
As an example of the potential, Energy Web cites its AFRR (Automatic Frequency Restoration Reserves) market developed for Austrian Power Grid, where millions of IoT-connected energy assets are able to each send hundreds of signed confirmation messages to the market in time. delivery time of 15 minutes. All these messages are then aggregated in order to settle the payment for the delivery of the purchased flexibility.
A customer’s account accumulates value over time and the customer can choose to transfer the balance to their bank account or subtract from the invoice.
DER and flexibility
The US Electric Power Research Institute (EPRI), another new Energy Web member, is collaborating on the advancement of open blockchain platforms for integrating distributed resources.
The collaboration will include among others the further development of EW-DOS, the creation of test applications running on EW-DOS in an EPRI-hosted test environment and research into the benefits of an open public digital infrastructure to support a register of distributed resources and for the integration of these resources with the energy markets.
German geothermal developer Deutsche ErdWärme is moving to use the Energy Web platform to increase the contribution of geothermal to achieving the country’s climate goals and energy transition.
Germany has the potential to increase deep geothermal power from 1.2 TWh today to over 100 TWh by 2050, while millions of surface geothermal units are also expected. Deutsche ErdWärme predicts that geothermal can provide flexibility and base load power to the system and intends to be at the forefront of this supply.
Token standard
For its part, Energy Web has joined the InterWork Alliance, an industry nonprofit organization dedicated to creating standard frameworks for token-enabled distributed services.
Energy Web plans to work together to define standards for building distributed applications, including appropriate frameworks for tokenizing items of value, writing contracts on those tokens, and analytics to preserve multi-party data privacy.
The Energy Web Chain includes a native token utility, the Energy Web Token. Additionally, many of its software development toolkits apply a multi-token approach to managing the fungible and non-fungible aspects of digitized assets, such as energy attribute certificates that serve as a verified “proof of purchase” for renewable energy.
IWA frameworks should allow companies to create standardized token definitions and contracts in non-technical business terms, and then deliver them to developers for coding on a platform of choice.
