There are 3 aspects of the current energy systems that we think can we improved. First of all, the current system is centralised. This means that one error in the system could lead to power outages all over the grid. Secondly, the verification of energy production is a tedious process that takes 60 to 90 days. Last but not least, energy generated by small renewable energy generators is hard to store. As of now, that forces consumers to sell their excess energy back to the grid.
Improving the current energy system in the Netherlands by introducing blockchain technology into electrical grids. Blockchain technologies can benefit the energy sector in various ways. Most notably, it would allow consumers with small renewable energy sources — such as solar panels — to be part of the energy market using peer to peer trading. Besides that, distributed ledger technologies — such as blockchain — would offer decentralisation, transparency and tamper-proof transactions.