The future of the auto industry is in electric cars. One of the most important areas that need an overhaul or a remake to support the technology includes energy systems.
To achieve this end, researchers at the Ontario-based University of Waterloo have developed a hybrid energy system that is powered by Blockchain technology. The project, according to en24news, is aiming to modernize the energy infrastructure from a broad-based approach to facilitate the development and adoption of electric cars.
Further, the project has been designed with the goal of proffering a trusted ecosystem that players in the electric auto industry such as owners of electric vehicles, property owners and charging service providers can trust.
An Open-Source Platform Is Ideal
Access to data is one of the primary factors that will ensure stakeholders and service providers in the upcoming industry to get incentivized to nurture the growth of electric auto technology.
Some of the immediate benefits include; auto owners will be able to monitor the charging of their batteries; property owners will be able to determine the appropriate rents due to them; electric car users will be able to locate the nearest recharging stations.
Blockchain Integration Is Fundamental As Charging Services Are Small Scale
Electric vehicle charging services are mainly small scale as the technology is still in its infancy.
More so, electricity users are more cautious of the sources of power they consume as calls for a green and sustainable world dominate social discussions. Therefore, Blockchain could be used to trace energy sources and enable cautious consumers to charge their cars with a clear conscious.
According to one of the researchers, Christian Gorenflo, from the David R. Cheriton School of Computer Science at the University of Waterloo Ph.D. program, the entities that proffer energy services are grappling with trust issues as their partners and clients have insufficient data to base their opinions about the services. Hence, Gorenflo, Prof. Lukasz Golab, and Prof. Srinivasan Keshav partnered with one EV-charging service provider. The project also incorporates property owners in whose premises the charging devices are installed.
When the systems are installed, electric car owners will use the charging equipment for a fee which will then be distributed among the property owners who incur electricity bills.
Three Key Factors That The Researchers Have Identified As Critical
The researchers from the University of Waterloo have been able to establish a framework that can be used by other system engineers to develop Blockchain-powered energy systems. These factors include; identification of stakeholders in the system and their levels of trust, developing of DLT with key features such as smart contracts, and lastly, the system needs to be upgraded over time to enhance scalability, security, privacy, decentralization, and other features.
The Researchers Have Published A Paper
During the recently convened Tenth ACM International Conference focusing on Future Energy Systems, Keshav, Gorenflo, and Golab presented their paper titled “Mitigating Trust Issues in Electric Vehicle Charging”.
The researchers argue that their machine-to-machine communication model will enable small scale charging services providers to liaise with more property owners to increase coverage of charging stations.
In the meantime, Blockchain adoption is an upward trend and it is increasingly powering systems that are more secure, private, efficient, and reliable.