In recent years, blockchain technology has made significant strides across various industries, from finance to supply chain management. It is capable of revolutionising the energy sector by enabling decentralised renewable energy (RE) trading through secure, transparent, and efficient transactions. By utilising blockchain, neighbouring households and industries can buy and even sell small amounts of RE locally generated from RTPV systems. Smart contracts or self-executing agreements between parties can be created using the technology to automate the process of buying and selling electricity. This approach provides an alternative to net metering and simplifies the process of connecting solar energy producers with customers who wish to power their houses or industries with green energy. The decentralised nature of blockchain increases the efficiency of energy trades, improves the reliability of power supply, and facilitates cost-competitive energy trades.
As India shifts towards a more sustainable energy future, it is important to explore innovative solutions like blockchain for decentralised RE. While blockchain has the potential to bring significant benefits in energy trading, careful planning and pilot testing are essential to overcome the technical and regulatory challenges involved in implementing the technology at scale.
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