It is undeniable that blockchain technology is slowly but surely taking over all industrial sectors. From the banking to the energy sector, blockchain technology presence is apparent.
As of late, there have been multiple reports that electrical engineering company ABB is undergoing a blockchain pilot. ABB is looking for ways how blockchain technology could promote the use of solar energy in p2p energy trading.
Apparently, the international firm is in collaboration with Italian energy entity Evolvere to deploy a blockchain system aiming to help them in this venture. The system is said to be developed in partnership with a blockchain-based platform Prosume.
Furthermore, the pilot has for purpose to facilitate transparent and secure p2p energy transactions, as well as deepening blockchain’s role in the energy sector.
ABB believes that the use of blockchain could benefit and allow aggregators, utilities, and energy companies to cut both capital and operational expenditure costs, thereby accelerating business cases for subsidy-free renewables.
The Evolvere project has allowed us to develop viable and proven solutions for the market in anticipation of new dynamics and regulatory frameworks coming in to place for blockchain technology. We are excited to be on this journey as we write the future of energy
believes Giampiero Frisio, head of ABB’s smart power business.
Since the beginning of 2018, the ABB group has been involved in numerous renewable energy projects. Operating in 6 continents ABB is a world leader in its domain, with 28.5 billion of revenues in 2018.
It’s clearly a trend of the way the market is going. All the utilities and energy companies are looking at this space
explains Leonardo Botti, global head of product management at ABB as he believes that blockchain technology is becoming a driving force behind a new technological revolution.