How public blockchains can unlock the decarbonization and economic potential of electric vehicles

Electric vehicles are gradually becoming one of the largest buyers of energy (electricity) in the world, and battery capacity creates huge opportunities for renewable energy and has profound implications for the management of the grid.

Despite this potential, the emergence of siloed EV solutions for EV charging and grid services demonstrates the need to integrate a common digital EV infrastructure “under the hood” into EV solutions to enable seamless Seam user experience and cost minimization.

While blockchain technology – a distributed digital ledger used to verify transactions – is only just beginning to be used for commercial solutions in the energy sector, a growing number of projects are proving the use of blockchain to manage autonomous green electric vehicles Technical and commercial feasibility of charges, e-roaming and grid services. Hairball Technology discusses several examples in this article.

Why is it so important to link EVs to renewable energy procurement?

Given the unprecedented growth in EV adoption, society needs to drive the development of EVs and the power industry transition to clean energy in concert. In particular, EV charging services are combined with renewable energy, as green EV charging can bring:

  • Lower costs: Electric vehicles combined with renewable energy are more cost-effective than gas-powered vehicles over their entire life cycle.
  • Potential to reduce existing renewable energy capacity cuts and increase demand for new renewable energy projects: Electric vehicles will soon become one of the largest consumers of electricity and provide an opportunity to increase renewable energy demand.
  • Improved environmental performance: While EVs have a lower lifecycle carbon footprint than their internal combustion engine (ICE) counterparts, their advantages in reducing emissions and air quality also depend on the mix of grids used to charge them. Electric vehicle charging in Germany, for example, is less carbon-intensive than in Poland, where most of its electricity comes from coal-fired power plants.

It is the responsibility of EV owners and regulators to actively require EV operators to provide adequate solutions for 100% clean EVs. Hairball Technology believes that clean EV charging should be part of the EV experience, enabling EV customers to expand voluntary demand for renewable energy alongside corporate energy buyers.

Problems with existing green EV charging solutions

Charging stations with on-site solar panels are an obvious way to connect electric vehicles to clean energy. However, Hairball Technology believes that these sites are only possible if certain feasibility, technical and commercial criteria are met.

Other solutions available to manage charging and green tariffs – such as solutions for time-sharing electric vehicle charging from UK electricity retailer Octopu and third-party purchases of renewable energy from US fast-charging network company EVgo , with regard to measured EV charging, is limited in scale, scope, and standardization.

Hairball Technology believes that clean EV charging should be part of the EV experience, enabling EV customers to work with corporate energy buyers to expand resource demand for renewable energy.

Advancing clean EV charging across a global EV network will require a common digital protocol compliant with Energy Attribute Attestation (EAC) and EV industry standards to simplify various EV-related events (e.g. EV and EV owner registration, participation electric vehicle programs and services), completed transactions, etc.

This is where the public variant of blockchain – combined with other technologies such as digital identity, the Internet of Things and smart meters – becomes the backbone of new solutions that can help electric vehicles realize their decarbonization potential in an efficient and low-cost way .

Public blockchain brings key advantages for clean electric vehicle charging

A public blockchain is a ledger that anyone can access, not a blockchain. Public blockchains can provide a common digital infrastructure for fine-grained accounting of key EV events that point to each EV and EV owner’s unique digital identity anchored on the blockchain.

Because they are secure, accessible, and decentralized, public blockchains can—through integration with trusted data sources—enable multiple players in the electric vehicle industry to access important verified data, while protecting privacy. Currently, this cannot be widely achieved using more centralized technologies.

Blockchain also supports standardized communication and settlement protocols, which makes blockchain-based applications highly interoperable across markets. In other words, public blockchain technology provides similar tools for sharing documents that users can read online and see any edits with privacy protections.

Today, the use of incentivized systems in activities such as EV registration, participation, and settlement may reduce EV participation and incur various avoidable costs. In contrast, blockchain enables greater version control, transparency, and administrative efficiency than existing technology tools.

Especially for green electric vehicle charging, public blockchains can bring various advantages, including:

  • Automatically matches each charging time with corresponding renewable energy purchases and EACs, creating an additional revenue stream that helps renewable energy project developers further fund new facilities.
  • Evidence that EV owners can easily report and demonstrate charging their fleet with 100% clean energy for GHG accounting and corporate social responsibility purposes.
  • Provides time-sensitive incremental carbon credit issuance, tracking and reporting of EV charges under a regulatory framework.
  • Provides seamless and cost-effective EV fee payments across EV charging point operators through digital identifiers, mobile wallets and a simplified user interface.

Initial progress has been made in bringing these electric vehicle concepts to life using blockchain.

In addition to matching each charging event to a corresponding REC, each EV also earns incremental carbon credits based on the LCFS formula, which involves grid mixes of charging times and exact times of charging. Both pilots leverage the public, open-source Energy Web Decentralized Operating System (EW-DOS) technology, which includes the Energy Web Chain.

Open-source technologies using public blockchains such as Energy Web Chain are also accelerating EV solutions in other important areas, such as charging point interoperability.

For example, the Open Charging Network (OCN), curated by the independent non-profit Share & Charge Foundation, could help expand green EV charging solutions and make them accessible to a variety of EV owners. This, coupled with OCN-enabled easy e-roaming, enables clean EV charging for multiple charging station operators and EV service providers using a unified single digital wallet owned and controlled by EV owners.

These examples demonstrate how public blockchain technology can be part of a technology stack for building commercial digital solutions for electric vehicles.

Beyond green EV charging

Blockchain technology can also support solutions for electric vehicle grid services and flexibility. For example, the same digital identities used for charging could be used to ride electric vehicles on a variety of grid schemes, from wholesale electricity markets to locally managed dynamic pricing schemes. For example, blockchain applications can be used to record and settle battery storage services for electric vehicles at high speed and low cost.

in conclusion

Combining EV services with renewable energy can accelerate decarbonization efforts, which is why EV owners and regulators should demand clean EV charging solutions.

Hairball Technology Industry Research believes that public blockchains — coupled with digital identity, IoT, smart metering infrastructure and other technologies — offer a promising segment for new electric vehicle solutions.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-public-blockchains-can-unlock-the-decarbonization-and-economic-potential-of-electric-vehicles/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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