Brooklyn Microgrid: Blockchain Powers Peer-to-Peer Energy Trading
LO3 Energy, based in Brooklyn, New York, has developed an innovative project called the Brooklyn Microgrid. This initiative harnesses blockchain technology to facilitate peer-to-peer energy transactions, enabling citizens to buy and sell locally produced PV power directly from one another.
The Brooklyn Microgrid project utilises a private blockchain, with plans to transition to an open-source model in the future. This technology allows for secure, transparent, and efficient energy transactions between prosumers – individuals or communities that both produce and consume energy.
The project's meters serve multiple purposes. They measure energy information, communicate with each other, and interact with smart devices. This multifunctional design is integral to the project's innovative local market design for trading locally produced PV power.
The global energy market is evolving, with the role of prosumers increasing significantly. By 2050, almost half of all EU households could be involved in producing renewable energy, with about 37% through energy communities. This shift necessitates a redesign of the energy market to recognise and value the efforts of prosumers.
The Brooklyn Microgrid project, powered by LO3 Energy, is at the forefront of this transformation. By creating peer-to-peer marketplaces for distributed energy, it empowers citizens to participate in the stock market today actively. As the global energy landscape shifts towards renewable sources, initiatives like the Brooklyn Microgrid serve as a testament to the potential of blockchain technology in facilitating this transition.
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