Blockchain in the Energy sector – playing the angles in E-LAND

Many balls are in the air in E-LAND. Topics are discussed, and balls are caught according to main project targets and brought into streamlined motion. An asset in the tangible toolbox developed in E-LAND, will be business models. Business models will be developed and in this ball arena, blockchain is still a bouncing ball, difficult to get a grip on. The question is, can E-LAND be the ball game that can initiate further use of blockchain in the Energy sector?

Prof. Dr Moritz Loock, Assistant Professor of Energy and Sustainability Management of the University of St. Gallen (Photo: Alps Forum 2019)

Prof. Dr Moritz Loock, Assistant Professor of Energy and Sustainability Management of the University of St. Gallen gives a try to get a grip on blockchain in the energy sector. He says: “E-LAND is a playground for developing business models and the blockchain technology is definitely an option. In the search for paths to walk to make profitable and fair business in the energy sector in the future, we need to keep our eyes open. Someday blockchain can be the technology that revolutionize the platform for energy trade-off”.

At the Alps Forum 2019 in St. Gallen, the potential of blockchain technology in the energy sector was to debate. E-LAND was presented, because the business model perspective is inherent in the E-Land project. Moritz Loock continues: “In E-LAND project we have to explore and during the project lifetime, further narrow our findings down to exploitation opportunities. We don’t aim at using blockchain in E-LAND, but we can play the angles and take advantage of knowledge bouncing our direction. In other words, we hope to be able to take advantage of results and take some results further, maybe to develop a new project aiming at exploiting the benefits of blockchain in the energy sector”.

 

According Moritz two alternative starting points are to be considered when evaluating the potential of a technology like blockchain:

• One starting point relates to the potential of the technology.
• Another starting point relates to actual energy market problems that need to be solved.

Further, Moritz suggested that it is advisable to consider potential alternatives of the blockchain technology. Hence, technologies that would alternatively be applicable and take into consideration how good these are.

“Discussing different problems in energy markets, we suggest that for the distribution and optimization of energy systems blockchain technology would be applicable with already existing use cases. Still today, alternative technologies often seem to be more advanced and better suitable. However, a potentially promising application could lie in guarantees of origin and different kinds of CO2 certificates”, Moritz concludes.