ABB Launches Blockchain Pilot for Solar Energy Sector

International electrical engineering company ABB has rolled out a blockchain pilot to explore how the technology could promote the role of solar energy in peer-to-peer energy trading, technology-focused media outlet PV Tech reported on May 16.

To implement the project, ABB collaborated with Italian energy aggregator Evolvere to deploy a blockchain it jointly developed with blockchain-based platform Prosume.

The pilot will purportedly enable transparent and secure p2p energy transactions, as well research blockchain's role in the smart grids market.

ABB told PV Tech that the project's objective is to make blockchain-ready inverters so energy market participants can reduce both capital and operational expenditure costs.

ABB Group is involved in several "Smart" and renewable energy projects, including smart gas and electric cars.

Blockchain has been gaining traction in the energy sector around the world.

Earlier this month, American blockchain startup Data Gumbo Corp. raised $6 million from major energy companies, including the venture wing of Saudi Arabian national petroleum and natural gas company Saudi Aramco.

In April, Austria's largest energy provider, Wien Energie, developed a blockchain-driven fridge in partnership with tech giant Bosch.

The main goal behind the project is to increase consumer interest in the sustainable consumption of energy.

A blockchain solution in this case allows one to choose the source of the energy, be that a solar panel or a wind power plant.