Blockchain Used to Power Brooklyn Microgrid for Solar Energy Re-Sale
The physical microgrid, set up by Siemens Digital Grid Division, includes network control systems, converters, lithium-ion battery storage and smart electric meters. In case of another hurricane like Sandy in 2012, residents on the microgrid would continue to have power for a time even during a blackout as they could switch over to battery reserves.
A microgrid is a form of distributed energy generation that can function independently from the traditional, centralized regional power grid; it can enable towns, small cities or corporations to develop their own energy sources and power storage systems (via lithium-ion or flow batteries), distribute that energy and even sell excess power back to local utilities.
The Brooklyn Microgrid blockchain database is a web-based bookkeeping system that uses cryptographic technology to save energy data in a way that is both inexpensive and forgery-proof, the companies said.
The Brooklyn Microgrid enables residents to sell energy back to the local utility — a process known as "net metering" — and it allows those without solar panels to purchase green power credits from their neighbors. The blockchain platform for the microgrid is enabled by Brooklyn-based energy startup LO3 Energy.
Blockchain is a decentralized electronic, encrypted ledger or database platform — in other words, a way to immutably store digital data so that it can be securely shared across networks and users.