BEIJING, Feb. 8, 2018 /PRNewswire/ -- Since the end of the 19th century when AC transformers appeared, the power grid has been dominated by a centralized power production mechanism and a power distribution infrastructure meant to deliver electricity over long distances. The sudden arrival and rapid growth of information technologies and the internet in the last few decades was not enough to bring about significant technological transformation. However, with the emergence of decentralized, game-theoretical and autonomy-based blockchain, the energy industry is about to achieve a revolutionary breakthrough.
Recently, the energy blockchain PowerLinks was officially launched, with the aim of creating a basic protocol for the transmission of energy that would be based on energy blockchain and address issues associated with traditional transmission methods, including huge line losses, low level reliability and load imbalance. By combining the blockchain with communication technology, PowerLinks enables secured transactions and payments amid participants, empowering the decentralized energy market.
PowerLinks is designed to meet the growing demand among consumers of electricity to directly participate in energy purchasing decisions, to generate income by producing electricity themselves or to engage in the arbitrage of electricity based on storage solutions. By virtue of the inevitable decentralization as a result of the blockchain, an energy blockchain will make it possible for consumers and producers of electricity to freely enter the market, by production and consumption of electricity at local level.
PowerLinks has, till now, concluded contracts with top 50 commercial vehicle platforms in China, connecting over 200,000 charging piles. The energy blockchain provider plans to team up with partners in Germany, the US, China and Malaysia whereby they will jointly establish labs in these four countries, creating a decentralized smart grid ecosystem.