Russian scientists have used blockchain in the power industry

Russian scientists are working on a project NS – «smart» blockchain-based platform for reducing energy consumption, recording the data on the volume of production and consumption and automatic billing for electricity. Payments between participants of the platform for produced and consumed electric power will be carried out in tokens – estimated units produced and consumed energy.

The project became a member of the track Power&Energy start-accelerator GenerationS from the Russian venture company (RVC). Among the partners of the business incubator of Ural Federal University (Urfu).

As reported in the press service of Urfu, the technology will eliminate the need for intermediaries and to abandon the use of paper receipts. According to the developers of the platform, the project can be widely applied in the field of energy supply: from individual households to entire cities.

«Using this technology, consumers will be able to pay for electricity in automatic mode. So the project will help avoid filling out paper receipts and online forms manually. The need for payment services will disappear, the payment of a fee will no longer affect the price of electricity,» say the authors of the project.

In the words of its founder Yana Kaufmann plans on scaling the platform in the areas of water supply, gas supply, heat supply and other energy.

«The decisions that will be able to offer a platform that not only affect the segment of the end consumers, whether households or larger parties but manufacturers and regulators. The use of a private blockchain eliminates the need for such intermediaries, and payments between electricity suppliers and its manufacturers are made directly,» he says.

The founder of NS is convinced, to replace the monopolies and oligopolies of power companies will come competition for consumers, which will lead to further reduction in the cost of electricity.

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