Blockchain is the new buzzword in the world of technology and promises to change the way businesses have been functioning so long. It allows trading without middlemen in a trustless environment. Blockchain technology supports B2C, B2B, and C2C transactions and successfully eliminates security concerns wherever third-parties are involved. Automated trading apps are trending now that are driven by algorithms designed by Blockchain software developers. Go through this crypto superstar handelsroboter for relevant information.

This technology is expected to revolutionize trading and create novel business models. In the energy sector, the blockchain is likely to empower people to participate both as energy-consumers and energy-suppliers. With new technologies like battery storage, solar rooftops, and EVs or Electric Vehicles, new-age consumers or “prosumers” are emerging with powers to generate and manage energy consumption.

How Can Blockchain Help EV Charging Stations?

It is believed that EVs will emerge as the top consumers of green energy. To ensure a steady supply of this energy and to give easy access to EV charging, governments are encouraging investors to come up with charging stations for public use. All these charging stations will be linked to the primary power grid. Owners of electric vehicles should be able to choose a provider for charging. Blockchain ensures that such business transactions, commonly called peer-to-peer transactions, become possible. Since there are no intermediaries involved, individuals are encouraged to share extra energy with others for charging their EVs.

How It Works:

The owner of an EV will first send a request for charging to the blockchain-driven platform. Active energy providers will then respond via sealed offers as bids. Smart contracts will work as auctioneers that apply trade logic and manage multiple user accounts. They will choose winners for every request and validate trades using metering data obtained from both sides. Just like the electricity billing system that we are used to, the utility supplier is involved in payment collections.

However, the use of blockchain technology for trading in a decentralized environment results in high costs in terms of computing energy involved. The blockchain comprises of hundreds of computers that interact via a peer-to-peer network. Every computer has an exact copy of the blockchain and executes the smart contracts repeatedly. The P2P electric vehicle charging has been one of the latest applications to be based upon the blockchain that has picked up fast. One of the biggest roadblocks in EV adoption r is range anxiety. It is feared that they will run out of battery when long distances are involved and there are no electric vehicle chargers available. So, all long-distance trips must be planned properly to make sure there are accessible EV charging stations. This explains why such a lot of effort is being undertaken to install EV charging infrastructure.

Using the P2P EV chargers you can now share your changer with the public when you are not using it. In exchange, you can earn money instead of maintaining an idle charger. For instance, Share & Charge launched by the German company Innogy Innovation Hub allows you to share your charger through an app for EV drivers to locate charging stations in that area. Others following suit are blockchain-driven platforms like Easy Park, Oxygen Initiative, Charg, and Chargemap, etc.

When you allow consumers to share their chargers against fees, it will help to increase numbers of charging stations in an area. This entails practically zero investments because you are using an existing infrastructure that would remain unused otherwise. So, blockchain based EV charging has helped to take care of the problem of range anxiety and will lead to greater adoption of EVs in the future.