The Energy Web Foundation (EWF) has launched the world’s first public, open-source, enterprise-grade blockchain tailored to the energy sector: the Energy Web Chain (EW Chain).
Explained in a company statement, more than 10 EWF Affiliates—including utilities, grid operators, and blockchain developers—are hosting validator nodes for the live network. In addition, EWF is currently tracking 17 decentralized applications (dApps) running on Energy Web test networks that are expected to transition to the live network over the coming weeks.
This first wave of dApps focuses on creating customer and business value by expanding markets for renewable energy trading, increasing the effectiveness and depth of demand response programs, and streamlining electric vehicle charging.
"We started Energy Web Foundation in 2017 with a promise: a production version of Energy Web Chain by Q2 2019. We are proud to announce that we kept our promise. Energy Web Chain is now running in production mode," said Hervé Touati, co-founder and chief executive officer for EWF. "Our next target, to be reached latest by Q4 2019, is to fully decentralise the chain. At that point, it will no longer be 'our' chain; it will be the energy sector’s blockchain—the first public blockchain where blocks are validated by energy sector companies.”
“This is a watershed moment for accelerating a low-carbon, customer-centric electricity system,” added Jesse Morris, chief commercial officer of EWF. “I hope that we will look back on today’s EW Chain launch as another inflection point in electricity’s evolution, just as we now see wind and solar tumbling down the cost curve, the deployment of smart meters and other digital infrastructure, and the surge of electric vehicle investment and ownership.”
Over ten organisations are hosting validator nodes for the Energy Web Chain. These organisations are the foundation of the Energy Web chain’s public Proof-of-Authority (PoA) network design: a publicly accessible, ethereum-based network with permissioned validators. The chain itself is public; any company, individual, or internet-connected device can transact across the network without permission.
This dramatically increases network interoperability and reduces solution development cost. At the same time, the chain’s validators are permissioned—they are known energy market participants identified and affiliated with EWF. This PoA-based design comes with three additional benefits for the energy sector: scalability, energy efficiency (which also equates to low transaction costs for energy market participants using the network), and increased regulatory compliance.
“Never before have we had a globally decentralised, open-source, public network supported by some of the world’s largest corporate entities, let alone in the energy sector,” explained EWF’s Morris. “Yet EWF Affiliates—including utilities, grid operators, and young companies experimenting with blockchain in energy—are standing up validator nodes on a decentralised public network to support a global technology. That’s incredible. These companies rarely collaborate or jointly innovate, and now they’re teaming up to support a brand new digital technology.”
Today’s EW Chain launch represents the latest major milestone in the Energy Web’s fast-growing ecosystem. EWF formed in early 2017 with support from co-founders Rocky Mountain Institute and Grid Singularity, as well as a cohort of ~12 initial Affiliates.
By early 2018 EWF had surpassed 40 Affiliates and by early 2019 had crossed the 100-Affiliate threshold. Meanwhile, a growing list of respected utilities and grid operators have launched demonstrations, pilots, and even pre-commercial deployments on Energy Web test networks, including PJM-EIS, SP Group, Acciona, Iberdrola, Elia, and Stedin, among many others.
Want to stay up to date with the latest news from Africa's leading power & energy journal?
With the world’s largest energy blockchain ecosystem, the Energy Web has an unprecedented pathway to adoption and scale. In support, an expanding set of open-source software development toolkits (SDKs) help speed the time to commercial dApps, while the EW Link protocol allows everything from utility SCADA systems to smart meters to edge devices (e.g., inverters, EVs, thermostats) to connect to the EW Chain and transact via their digital identities.
"Most companies in the electricity sector know that value is shifting downstream. And most are focusing on building relationships with their customers. But most customers do not want to build relationships with their utilities,” explained EWF’s Touati. “
Touati added: "What customers do is to invest in distribution edge devices—solar PV, batteries, charging stations, electric vehicles, smart controls— at such a pace that they may well outgrow utilities’ total investments within a decade. That offers a unique opportunity for utilities: develop relationships with their customers' assets, rather than the customers themselves. For that, utilities need new kinds of software technology, like the Energy Web Chain—distributed, open source, run by the industry—allowing low-cost interoperability and trust between millions of devices and retailers or grid operators.”
Popular stock market and crypto trading app Robinhood is going after legacy banks with the relaunch of a cash management… Read More
According to an OECD report on counterfeiting, the world trade in fake goods is worth upwards of S$624 billion a… Read More
Who would have known American football and cryptocurrency would go so well together? In a press release, The Miami Dolphins… Read More
Increasing amounts of capital are flowing into the crypto and blockchain start-up markets. By following the money, investors can uncover… Read More
David Koepsell is the co-founder and chief executive officer of Encrypgen, a software company creating next-generation blockchain solutions for genomic… Read More