Leading electric power company in Russia is piloting blockchain solution to eradicate data manipulation
A Russian power company Rosseti is piloting blockchain solution developed by a range of companies including Waves to automate communication and data exchange between market participants.
According to the press release, issued by Waves, the main pain the blockchain solution solves is the lack of “transparency and trust” among market participants, that results in huge electricity bill arrears.
Full automatisation and registering data on blockchain aims to automate measurements of electricity consumption, all communications and data exchange between market participants with an end goal of eradicating all possibilities to manipulate the data.
Users will be able to assess all data on the webpage personal accounts or via specifically designed mobile application and receive suggestions on optimising their tariffs and consumption habits. The smart contract will automate billing and division of payments among involved parties – grid and sales entities.
The pilot project dubbed “Assessment of application of blockchain technology in the retail electricity market” involves 400 households in Kaliningrad and Sverdlovsk regions. In case of successful trial, the blockchain system is planned to be expanded nationwide.