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An Energy Blockchain Retrospective: Is Blockchain Delivering on Promises from Two Years Ago, and What’s Coming Next?

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EWF will provide a look at the past, present and future of energy blockchain, covering the evolution of investment activity, key use cases and early findings on the real opportunity blockchain technology holds for unlocking significant value for energy players.

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An Energy Blockchain Retrospective: Is Blockchain Delivering on Promises from Two Years Ago, and What’s Coming Next?

  1. 1. Energy blockchain: past, present, and future GTM Blockchain in Energy Forum September 25th 2019
  2. 2. Present Future 02 03 Past01 Table of contents
  3. 3. Past (2016—2018) 3
  4. 4. Energy blockchain was massively hyped 4
  5. 5. Over $300 M was invested through 2018 5
  6. 6. 6 Our mission is to develop and deploy a decentralized digital operating system for the energy sector in support of a low- carbon energy future Mission In 2017 we launched Energy Web Foundation
  7. 7. We identified “over 100” use cases… Process improvement (total = 55)Disruptive platforms (total = 52) 13 9 7 6 6 5 5 4 Communication Grid management Security Mobility Automation Sales & Marketing Billing Metering and data transfer 26 17 9 Transactive energy P2P Trading Distributed generation Additional use cases • RMI: 27 • Grid Singularity: 30 • PWC: 20 Game changer to potential game changer Source: DENA/ ESMT survey of 70 German energy sector executives– November 2016 7
  8. 8. …and many hypotheses were put on the table Blockchain will facilitate “peer to peer” electricity markets Blockchain will disrupt the energy sector Blockchains consume too much energy to be useful Blockchains don’t scale (Tx per second) Public blockchains won’t fit the energy sector 8
  9. 9. Present (2019) 9
  10. 10. Today’s ecosystem 10
  11. 11. Today’s ecosystem 11
  12. 12. Today’s technology Energy sector assets Energy Web Chain EW Origin EW Link EW Flex Energy Web Software Development Toolkits Energy Blockchain dApps 12
  13. 13. 13
  14. 14. Answers are emerging Blockchain will disrupt the energy sector Blockchains consume too much energy to be useful Blockchains don’t scale (Tx per second) Public blockchains won’t fit the energy sector Blockchain ≠ peer to peer electricity marketsBlockchain will facilitate “peer to peer” electricity markets Hypotheses Reality Blockchain = enabler of energy transition Not the case (see EWC, POS or POA chains) With smart solution design current scale sufficient Privacy features needed on public and private networks 14
  15. 15. Renewable energy Electric vehicles Distributed energy resources Most importantly, it is becoming much clearer where blockchain can unlock value in context of the energy transition 15 15
  16. 16. Utilities $ Time USD billions Who is investing in these assets? $717 $752
  17. 17. Utilities $ Time Customers USD billions Who is investing in these assets? $140 $2,126 $717 $752
  18. 18. Customers will not want to pay twice From a utility-driven to customer-driven architecture Customer-driven investments Utility-driven investments Utility Customer kWh $$$
  19. 19. 19 Our assets can – with no owner, no bank, no invoice: • Have their own identity • Buy electricity and sell services to the grid • Post collateral to trades Blockchain can help market participants build relationships with assets
  20. 20. In this context, we’ve identified two primary ways blockchain technology can unlock value—today—in the energy sector 20 • Today = unbundled “certificates” • Tomorrow = whole system carbon accounting Tracing energy and energy attributes • Leverage digital and blockchain tech to capture full value from DERs Integrating DERs Intrinsic Data Relational Data Operational Data DER “Passport”
  21. 21. In this context, we’ve identified two primary ways blockchain technology can unlock value—today—in the energy sector 21 • Today = unbundled “certificates” • Tomorrow = whole system carbon accounting Tracing energy and energy attributes • Leverage digital and blockchain tech to capture full value from DERs Integrating DERs Intrinsic Data Relational Data Operational Data DER “Passport”
  22. 22. Integrating distributed energy resources 22
  23. 23. Integrating distributed energy resources 23 • DERs are not deployed in any systematic / coordinated way • Though technically capable of delivering value to multiple stakeholders, in reality they are isolated from grid operations
  24. 24. 24 Integrating distributed energy resources To extract full value from DERs, we need: • Access to trusted data • Multiple stakeholder groups to agree and act upon that data
  25. 25. 25 Need 1: access to trusted data • We need to know you (customer or device) are who you say you are. Do you have the attributes you claim to have? • In this way, you can be included / excluded from market participation Intrinsic data • We need to enforce terms and prevent “double counting” across services • We need to agree who can / can’t access data and/or control behavior Relational data • We need to know offers are “real” (coming from the right devices) • We need to efficiently reconcile M&V data • We need a shared state of current & planned behavior Operational data
  26. 26. Need 2: multiple stakeholder groups need access 26 • Backup Power • Demand Charge Management • Congestion Relief • Voltage Support • Distribution Deferral • Frequency Regulation • Energy Arbitrage • Reserve Capacity Customer Installer OEM Utility Aggregator ISO/RTO Regulator
  27. 27. 27 • Backup Power • Demand Charge Management • Congestion Relief • Voltage Support • Distribution Deferral • Frequency Regulation • Energy Arbitrage • Reserve Capacity Customer Installer OEM Utility Aggregator ISO/RTO Regulator Intrinsic Data Relational Data Operational Data DER “Passport” Need 2: multiple stakeholder groups need access
  28. 28. We are building this capability with the EWF ecosystem 28 • Establishes digital identities (e.g., for installers, customers) • Creates a trustless, shared state of identities and relationships between them EW User and Asset Registry Enables digital identities to: • Settle payments at the device level • Automatically conduct EM&V • Post value (e.g., tokens) in escrow • Engage in complex transactions EW Flex Intrinsic Data Relational Data Operational Data DER “Passport”
  29. 29. Future (2020+) 29
  30. 30. 30 Big technology and architecture questions • Tech can support today’s applications • What about tomorrow’s? Horizontal scaling & interoperability • In a decentralized world, end users are in charge of their data • Will market participants embrace or resist this architecture? Data ownership • Many different approaches to maintaining privacy on blockchains Privacy preservation
  31. 31. 31 By next year’s forum: ~5 minimum viable products leveraging public blockchains will be in the market Blockchain increasingly distinguished from P2P & transactive energy “Why blockchain?” fades “Private v. Public” evolves into “What privacy features are available?”
  32. 32. Jesse Morris Email: jesse.morris@energyweb.org 32

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