CONTEXT: Current grid/energy/utilities infrastructure is limited by its design for one-way flows of energy and value. Developments in the field of energy storage, such as new generations of battery packs, address the ever-growing energy demand, challenging this traditional design. The combination of blockchain technology and cryptography can help overcome some of the limitations of the conventional systems and creates the opportunity for new business models.
1 R3C Energy Extension gets integrated into the VARTA Energy storage solution, providing a unique identity and settlement capabilities
2 Integrate the enhanced VARTA Energy storage solution at the residential or commercial location
3 Enhanced VARTA Energy storage enables the decentralized settlement of energy consumption and production between the user and the grid provider on the ledger
Unique, incorruptible and digital identities secured by crypto chips.
Scalability and interoperability with different
smart grid systems.
Machine integrity to establish trusted data source.
A settlement layer to execute automated transactions between distributed ledgers, the grid and the prosumer.
The current energy infrastructure follows a centralized design approach. A few large producers provide one way the energy to millions of consumers. The current systems and regulatory provisions do not allow for small and “micro” producers to participate both in the production and settlements.
Existing frameworks are predominately centralized
Lack of interoperability and transparency preventing automated settlement
Lack of incentives for local energy production
Limitations from regulatory provisions prevent agile prosumption models
RIDDLE & CODE SOLUTION
Our hardware establishes a secure digital identity for battery packs, transforming them into trusted data sources. The additional transactional capabilities, including (automated) settlement, turn the battery pack into a self-sovereign participant of an emerging energy marketplace.
VARTA Energy Storage Solution enables the decentralized trading and settlement of energy and value between local communities
VARTA Energy Storage Solution provides new business models by building upon the settlement capabilities. Clients are able to offer charging features to third parties
Use Case - Examples
1. What does this solution is comprised of?
The VARTA Energy storage solution powered by RIDDLE&CODE consists of:
• One or more VARTA Energy storage solution(s) e.g. PULSE, ELEMENT, ONE etc.
• The RIDDLE&CODE Energy extension
• A digital Energy Meter
• Connection to the R3C Ledger including settlement capabilities
2. What are the benefits using the RIDDLE&CODE enhanced VARTA Energy storage solution?
The unique identity and ledger connectivity enables new ways of prosumer interaction. The settlement capabilities are the foundation to establish new business models. Users are able to trade locally generated energy with the grid as well as third parties. On top, it supports new use cases e.g. dedicated e-Charger to residential areas, more efficient energy sharing between peers.
3. How does the settlement occur?
As part of the solution, pre-defined smart contracts are being used to provide the various ways of interacting with third parties and to arrange the flows of data and value. The business logics for the compensation for supplying or purchasing energy are translated
into automated smart contracts. Through the immutably stored contracts on the ledger, the unique identity of the devices and the signing capabilities the VARTA Energy storage solution is able to send and receive payments.
4. How does it actually work?
The unique RIDDLE&CODE Energy Extension is being connected to the VARTA Energy Solution. It enables the automated operating on a variety of ledger systems. It creates a unique Identity for the device and the VARTA Energy storage solution. By providing a secure Public-Key-Infrastructure functionality the device provides all the necessary features to turn the VARTA Energy storage solution into a wallet which enables the sending and receiving of funds.
5. How can this solution transform your business?
By combining smart contracts and business logics, the VARTA Energy Solution powered by RIDDLE&CODE will be able adapt to the ever-changing needs of local energy communities. Depending on regulatory frameworks VARTA could transition from one-off revenues of battery sales to reoccurring revenues from automated settlement processes.