CONTEXT: Energy grids will have to play a crucial role in building a more sustainable economy and powering future traffic systems. Current grid infrastructure is limited by design for one-way energy and value flows. The combination of distributed ledger technology and cryptography helps overcome some of these limitations and creates the opportunity for new business models – especially at the inflection point where measuring energy consumption and automated settlement are coming together in the future.
RIDDLE&CODE provides the device and infrastructure for leveraging blockchain technology to satisfy both end-customer and supplier requirements, e.g. by adding a hardware extension to smart energy meters that turns these devices into trusted data sources and enabling wallet capabilities at the same time. The innovation for the consumer lies in the ability to participate in the new prosumer energy market, in line with changing regulation in that sector, allowing trading of energy between peers. All of this alongside the leading Austrian utilities provider Wien Energie and the innovation community at Vienna’s Viertel Zwei, laying the foundation of a whole new urban energy marketplace.
1 Connecting the R3C trusted energy extensions to PV systems, EV-charger and household meters enables the production and consumption data to be secured and signed by the tamper-proof identity and providing automated settlement capabilities.
2 Install enhanced trusted energy extensions within residential or commercial locations
3 Enable decentralized settlement between energy prosumers on the ledger of choice
Unique, incorruptible and digital identities secured by crypto chips
Scalability and interoperability with different smart
Machine integrity to establish a trusted data source.
A settlement layer to execute automated transactions between distributed ledgers, the grid(s) and the prosumer.
The current energy infrastructure followed a centralized design approach. A few large producers provide one-way 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
• Proprietary technology solutions for e.g. smart meters have led to a fragmented landscape and created hurdles for innovation
RIDDLE & CODE SOLUTION
Our hardware establishes a secure digital identity for any device, transforming them into trusted data sources. The additional transactional capabilities, including (automated) settlement, turn any household, EV-Charger, PV-system or battery pack into a self-sovereign participant of an emerging energy marketplace.
• Increases efficiency and reliability of (automated) future mobility solutions, agnostic in terms of distributed ledger technologies used
• Provides heightened trust of and between systems and participants
• Lays the foundation for new business models on top of these (machine) properties
• Allows secure, automated value settlements, as well as individual settlements triggered by business logic laid out in smart contracts
DECENTRALIZED ENERGY SHARING
Distributed energy solution orchestrates the exchange of energy and value between various energy sources and the peers
BLOCKHAIN-ENABLED ELECTRIC VEHICLE CHARGING
Distributed energy solution provides new business models by building upon the settlement capabilities. Consumers can share energy from their PV-system and offer it to external EV-charging clients when surplus energy is available, eg. during vacations etc.
1. What are the components of this solution?
The distributed energy solution powered by RIDDLE&CODE consists of:
• The RIDDLE&CODE Energy extension
• A digital Energy Meter
• Connection to the R3C Ledger including settlement capabilities
2. What are the benefits of using the RIDDLE&CODE enhanced distributed Energy solution?
The unique identity and ledger connectivity enable new prosumer interaction. The settlement capabilities are the foundation establishing new business models. Users can trade locally-generated energy with the grid as well as third-parties. The solution also supports new use cases including dedicated EV-Charging, DLT-connected battery packs, PV-systems to urban residential areas and more efficient energy sharing between peers.
3. How does the settlement occur?
Pre-defined smart contracts are used to provide different ways to interact with third-parties and to arrange the flows of data and value. The business logic for compensating the supply or purchase of energy, translates into automated smart contracts.
Through the immutably stored contracts on the ledger, the unique identity of the devices and the signing capabilities of the devices in question can send and receive payments.
4. How does it work?
The unique RIDDLE&CODE Energy Extension connects to the various devices such as EV charger, PV system and household energy meters. It enables automated operating on a variety of ledger systems, creating a unique Identity for participants. By providing a secure Public-Key-Infrastructure, the device provides all necessary features to turn each connected device into a wallet enabling the sending and receiving of funds.
5. How can this solution transform your business?
By combining smart contracts and business logic, the distributed energy solution powered by RIDDLE&CODE can adapt to the ever-changing needs of local energy communities. Depending on regulatory frameworks, utility providers can transition from single energy delivery income to recurring revenues by providing automated settlement processes as well as renting out connected equipment such as EV chargers or PV systems.