We’re in the Wild West when it comes to blockchain technology for the electric grid. But Steve Davis, founder and CEO of Oxygen Initiative, has a vision of where we’re headed — and it’s big.
Davis sees blockchain technology rehaping two of the pillars of our industrial economy: the grid and personal mobility.
How can this happen? One approach is by using blockchain when synching electric vehicles (EVs) with utility needs, either by delaying charging during peak hours, absorbing excess renewable energy on the grid, or feeding power to the grid when demand is high, Davis said.
Not only can such blockchain transactions take place between utilities and EV owners: they can also take place between microgrids and EVs.
“The owner of the microgrid might be the owner of the charging stations. There would be no bank in between and zero transaction costs,” he said.