Blockchain for Electrical & Electronic Engineering

There are many big opportunities for blockchain applications in the electrical and electronic engineering industries. These range from trading energy, recording energy consumption and providing a better source of data storage for engineers. Here we will see the key applications.

Problems Faced Today:

Disjointed Source of Information

Information about electrical consumption, especially in households, presents a huge obstacle for many electrical engineers working in industry. It is difficult for average consumers to access their electrical consumption data digitally.

No Way to Trade Energy

As more and more homes integrate renewable electricity generation, such as installing solar panels, into their daily lives, energy trading will become important. This will allow homes to trade or sell their excess energy. Unfortunately, there is no seamless way to do this currently.

Record Keeping

Recording electrical layouts, plans and more are all parts of electrical engineering. These are needed to ensure quality.

Solution: Blockchain Technology

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Source of Energy Data

Source of Energy Data

Blockchain can provide the perfect method for storing data related to energy consumption. Once uploaded onto the blockchain, consumers will have the ability to access their data at a click of a button. As this information will be encrypted, consumers can rest assured that their data enjoys highest levels of protection.

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P2P Energy Trading

P2P Energy Trading

Blockchain can represent units of electricity digitally. This will allow new value to be created as individuals can trade units of energy on a peer-to-peer basis. This will allow power to be bought and sold in a decentralized way.

Advantages that Blockchain can Provide

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Value Creation

Value Creation

Value can be unlocked where traditionally it has been locked up. Electricity is an asset that can be tokenized and represented through the blockchain.

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P2P Exchange of Value

P2P Exchange of Value

Assets can be represented digitally and traded in a peer-to-peer manner. Securities are well established investment mediums globally. Through security tokens, a physical asset such as a solar panel farm could be represented digitally on the blockchain. When these assets are sold as investments, huge amounts of funding can be unlocked to fund valuable electronic engineering projects, such as developing power grids in developing countries, or renewing engineering infrastructure in developed nations.

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Immutable

Immutable

All information can be stored and perfectly preserved. Imagine how easier electrical engineering could be if all information relating to the physical composition of electronics was recorded digitally on a blockchain. For example, a city could securely upload information about their power grid encrypted onto a blockchain. As this is immutable, they could only add to the records on the blockchain, ensuring a full, visible history of each project.

by Gauthier Vila