A blockchain technology-based product called Enerchain is designed for distributed energy groups. Ponton is a German-based IT company who has launched the product. The hope of the launch of the product is that the distributed energy groups to start peer-to-peer (P2P) trading within months. An announcement of the product launch is done on 22 May 2019.
The discussion related to peer-to-peer (P2P) trading was carried out in 2017. Enerchain finally challenges a centralized wholesale power and gas trading. It has a proof-of-concept development funded. 44 leading European energy trading companies support it.
Maximum one-second block time and less than one-second transaction latency are delivered through the underlying blockchain framework of Enerchain.
Enerchain is focused on trading at the local level within energy communities. It is also focused on wholesale trading at balancing zone level with delivery and on flexible trading within distribution grids.
Bilateral trading which is carried out on Enerchain will charge Eur500/month ($557/month). Test trades were conducted. They were conducted between E.ON and ENEL, Endesa and Gas Natural Fenosa.
The blockchain merits are emphasized locally. Ponton demonstrates Enerchain in the state-funded NEW 4.0 project. The demonstration is carried out in northern Germany. Enerchain connects flexibility providers with grid operators in a test environment. The connection is carried out in the Schleswig-Holstein and Hamburg region.
Blockchain technology is a digital ledger technology which records transactions. The transactions can be related to the digital currency, contracts, and other information. They are carried out on a peer-to-peer process. They are carried with no involvement of any central marketplace. They are validated on the blockchain network. Blocks of the transactions are built. They are entered into the ledger permanently. They are not stored in one central place, but shareable with all members. Nobody can tamper within blocks as they are immutable, S&P Global reported.
The German-based IT company Ponton is recognized as an XML-based international B2B networks key enabler since the year 2000. It offers standards-based solutions. The solutions are for Business-to-Business B2B processes. Deep experience and the ability are combined by Ponton for tailoring individual, ground-breaking solutions. Individual software applications development, products maintenance, support & customization, and products implementation consultancy are three services of Ponton. Ponton has begun with papiNet which is made of 70+ paper manufacturers, logistics providers, printers and publishers automating processes [order, delivery, and invoicing in the supply chain], according to the official LinkedIn account of Ponton.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]