Pune (India), September 19: Voltreum will soon be launching “Volt-X”, a blockchain-based peer-to-peer (P2P) energy trading application as well as a cryptocurrency token for seamless energy purchases and payments. The company’s goal is to help solve one of the most critical problems affecting humankind – increasing energy demand and planet-damaging climate change.
By leveraging microgrids and local distribution networks, Voltreum aims to facilitate the seamless exchange of renewable energy via blockchain and crypto technology. The application and cryptocurrency will enable borderless, transparent, and on-demand energy trading between energy producers and consumers all over the world.
According to one recent IPCC report, if global warming increases by more than 1.5 °C above pre-industrial levels over the next few years, it could result in more droughts, heat waves, and floods. It could also push millions of people into poverty. Countries all over the world acknowledge these serious findings and are stepping up their efforts to combat global warming and climate change. At the same time, they have to contend with the increasing demand for energy from a rapidly expanding population. To reconcile these opposing imperatives, many countries are leveraging renewable energy sources and adopting methods for more efficient energy production and consumption.
One such method is the “smart grid”. A smart grid enables the generation and seamless transportation of energy across borders using netmeters & GSM/SCADA technology. Based on powerful digital technologies like Big Data, blockchain, Artificial Intelligence (AI), and the Internet of Things (IoT), the smart electricity network/grid enables the generation of clean, efficient, and affordable energy at scale. Many factors are driving the move from traditional electric grids to smart grids, such as increased decentralization (distributed energy plants), the rise of isolated microgrids and advanced energy meters, the evolution of knowledgeable and involved “prosumers”, and the deregulation of energy markets in many countries.
A smart grid supports a two-way flow of electricity and data that can benefit both consumers and electricity providers. It also empowers nations to meet their climate change, energy independence, and emergency resilience goals, and helps create a more sustainable future for the world. For all these reasons, smart grids are the future of energy. Many countries have already transitioned to smart grids while many more are expected to complete the transition in the next few years.
Energy trading is one way for countries to successfully and profitably transition to smart grid infrastructure. It typically happens when a smart grid entity with surplus energy transfers some of this surplus to an entity with a deficit of energy. Currently, energy trading is mainly local since it is confined to entities within a small locality or area. But for the world to scale up its efforts to combat global warming and climate change, a more global energy trading ecosystem is required for the smart grid. This system should allow the buying and selling of clean, renewable energy via interconnected “microgrids” on a large – possibly global – scale. Here’s where Voltreum comes in.
Through a microgrid architecture and blockchain-based energy exchange, Voltreum will help create a multi-directional and borderless ecosystem for renewable energy trading. It will enable the seamless, trustworthy, and real-time exchange of clean energy between surplus and deficit entities. These entities may be power generating companies, industrial users, residential units, building societies, and even individuals.
“The Voltreum application and cryptocurrency hold the key to ‘borderless’ and ‘decentralized’ energy trading between smart grid-enabled individuals, companies, neighborhoods, and even countries. The app uses modern digital technologies like blockchain, IoT, and AI for smart, seamless energy exchange. A smart grid that’s integrated with this app will provide a real-time, transparent, and secure system to generate renewable energy on-demand and also monitor energy generation and distribution to maintain fairness and equitability.
With Voltreum, energy exchange won’t be limited by geographical borders. In fact, it will allow energy-deficit entities to efficiently meet their energy requirements and energy-surplus countries to monetize their excess energy and avoid wastage. Furthermore, the energy that is exchanged will be renewable. The Voltreum app, platform, and cryptocurrency will help incorporate solar, wind, water, and other sources of renewable energy on the same microgrid, thus facilitating the shift to clean energy that’s available on-demand, which has become an urgent imperative on a global scale,” says Bhakti Vaidya, Co-founder at Voltreum.
Rahul Awati, Co-founder at Voltreum further adds, “At Voltreum, we aim to become a vital element in the microgrid-enabled energy trading ecosystem. Our platform, standardized tools, and blockchain-based ‘smart contracts’ help create a connected and decentralized peer-to-peer ecosystem based on a microgrid architecture. Each microgrid will connect small neighborhoods or communities and enable them to exchange renewable energy that’s clean, locally produced, and easy to buy and sell – just like any other commodity.”
The energy exchange via Voltreum-enabled microgrids happens over the blockchain using various payment mechanisms. As a result, every exchange transaction will be transparent, auditable, and completely trustworthy for all stakeholders. Also, the system is completely decentralized so there’s no third party or centralized authority – such as a government electricity regulation board – to control energy rates or distribution. Voltreum will thus help to democratize the energy market and lower the costs of energy for all kinds of consumers.
In the long term, Voltreum will make it easy to connect multiple microgrids into progressively larger grids. The company is participating in the global mission to reduce greenhouse gas emissions by helping to build a large national-level grid that generates clean energy and facilitates seamless intra- and inter-country energy exchange. Voltreum’s solutions “gamify” the trading process which can motivate consumers and prosumers to save energy. They will be active elements in the energy exchange program and earn great rewards if they generate (and sell) excess power or consume less power.
All in all, Voltreum speeds up energy trading on microgrids and local distribution networks and brings greater convenience, trust, and cost savings during every exchange transaction. Plus, it removes geographical boundaries so all kinds of entities can participate in the trading program to meet their energy needs. And as more and more microgrids are connected via Voltreum, neighborhoods, towns, cities, and entire countries can become “energy self-sufficient”.
Also, since the traded energy is renewable, it will enable the world to move away from conventional fuels and reduce highly polluting heavy elements in the environment. All of this will accelerate the global transition to cleaner, greener energy and thus combat the planet-killing effects of climate change and global warming.
About Voltreum
Voltreum is a future-focused technology company that develops innovative products to democratize renewable energy (RE) trading on power grids, increase renewable energy penetration, and help create a more sustainable future for Planet Earth. Our first offering “Volt-X”is a blockchain-based peer-to-peer (P2P) platform for transparent energy trading with access to fair pricing on various kinds of power grids, including smart microgrids and localized distribution networks.
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