The line between the electric power and transportation sectors is blurring as a result of the rising popularity of EVs. Such vehicles, however, still face substantial barriers to customer adoption—in particular, a scarcity of public charging infrastructure can dissuade potential buyers.
Blockchain networks that enable private owners of charging infrastructure to seamlessly sell charging services to EV owners could improve the appeal and uptake of EVs.
Californian start-up eMotorWerks and the German utility-backed start-up MotionWerk have partnered on a pilot project in California to create a marketplace for EV charging. The initiative would enable households that own chargers to rent those to EVs, in a fashion similar to how a homeowner might rent a room to a guest via Airbnb. The start-ups reckon that a blockchain network can facilitate a large number of small transactions of fractional units of electricity and do so swiftly, securely, and transparently
WePower is a start-up conducting a demonstration project in Estonia to raise funds for renewable energy projects through cryptocurrency sales.
One of the most immediate applications of blockchain to electric power is its use to record and trade attributes of sustainability. Examples of such attributes include whether a unit of electricity is renewable and how much emissions resulted from its production. Currently, systems to track such attributes are centrally managed, complicated, and prone to fraud or errors.
Blockchain networks could facilitate even more exotic charging transactions. For example, inductive chargers installed below roads could wirelessly charge vehicles stopped at a traffic light, with smart contracts automatically triggering small and swift transactions that are recorded on a blockchain ledger.38 Finally, smart contracts could also enable EVs to charge up or discharge based on the grid’s needs, enabling the vehicles to act as mobile batteries and to help stabilize the grid while netting their owners income in the process.
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