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Canadian environmental organization and Insolar are testing a blockchain for energy trading

Canadian environmental organization and Insolar are testing a blockchain for energy trading

The canadian environmental organization Toronto and Region Conservation Authority (TRCA), together with the startup Insolar, is testing the Assured Ledger platform for managing renewable energy.

As part of the Sustainable Technologies Evaluation Program (STEP) initiative, within 15 years, the authorities of the province of Ontario plan to replace “green” energy with 30% of electricity obtained from conventional sources. To implement this initiative, it is necessary to implement blockchain technology that would allow managing distributed energy resources. For this purpose, Insolar has developed a blockchain-based Assured Ledger platform that will provide transparent information exchange between energy systems.

According to STEP technical coordinator Gil Amdurski, the platform can be used by solar and wind energy producers, interacting with its consumers. Producers will be able to distribute excess resources to regions with electricity shortages as efficiently as possible, as well as control its storage and transmission. According to Lesley Czuma, an employee of Insolar Energy Projects, the developers of Assured Ledger are creating a highly scalable platform that can withstand peak loads, as well as working to prevent system outages, ensure constant access to distributed energy sources and reduce consumer costs.

Blockchain is actively used in the energy industry. Recently, the French company selling “green” energy ekWateur and Power Ledger reported that they are working on creating a platform based on the blockchain for distributing electricity from renewable sources. In addition, in the fall, Power Ledger began testing a solar energy trading project in the Indian state of Uttar Pradesh.