Topic: GRID SINGULARITY DISCUSSION THREAD (Read 998 times)

GridSingularity is a new venture that facilitates an Internet-based decentralised energy data management and exchange platform built on the most advanced blockchain technology. It has been created by a team of experienced energy market professionals, in partnership with leading blockchain technology developers at Ethcore, who are principal founders of the open source not-for-profit organisation Ethereum. GridSingularity is a valuable tool for a range of energy market participants – from regulators to operators, investors, traders and consumers. The new platform will support forecasting for grid balancing (smart grid management), facilitate investment, trade of green certificates/certificates of origin and eventually energy trade validation.By recording the relevant data in real time at the source (power plant) on the blockchain, the proposed system diminishes the counterparty risk since data can no longer be modified, while decentralised storage ensures that the data generator has exclusive access to own data. The data recording process is to be certified by the respective energy regulators to validate arbitration and/or clear obligations. The main advantage of the platform lies in its interoperability, leading to immense infrastructure cost savings compared to standard technical solutions that require a fully independent vertical integration for each energy market operation. The platform also renders some of the current key entry barriers to energy trade obsolete such as a need to have special accounts/deposits/certification with an intermediary financial institution. The reduced cost and complexity of the system will attract more market players and transform the energy market into a more competitive, and a generally more open and fair market.