Swiss engineering major ABB Ltd. teamed with Italian utility Evolvere to launch a blockchain pilot project to explore transparent, secure peer-to-peer solar energy transactions, media outlet PV Tech reported.
The companies will test the potential of blockchain technology in solar systems. The blockchain technology was developed in partnership with Prosume.
ABB expects that its Ability platform will facilitate the creation of smart contracts directly into the company's inverters.
ABB also believes its inverters would help to more efficiently manage energy exchange in smart-grid environments. This is through utilizing smart contracts and blockchain to store, verify and maintain peer-to-peer transactions on a public distributed ledger.
Once the pilot project is completed, ABB reportedly plans to make all its inverters in the same class compatible with blockchain technology.
The companies expect the use of blockchain would help to decentralize the way in which transactions are processed. It would help to reduce costs for energy consumers, and facilitate faster transactions and automatic payments for a range of services.
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