Project: Co-tricity – Peer to peer energy market

Co-tricity is a peer-to-peer energy surplus marketplace where users can buy and sell surplus energy which is built on the blockchain.  The main benefit is increased transparency and more more efficient matching for surplus energy by matching users of similar consumption curves.  The current energy re-sell marketplace is opaque and energy is not always sold to consumers with a similar consumption curve to the provider.  At times power is wasted, and the producers of energy have no say in where that energy goes.  At a high level, the blockchain solution allows us to build an efficient energy re-sale system around our actual consumption and needs and provides the opportunity to incentivize producers and consumers in a way that increases efficiency for everyone. This project is a great use case for the blockchain where everyone involved in the system benefits.

Co-tricity is a join venture between Consensys and RWE, a large power company.  It will be interesting to see where this project heads and even who will benefit the most from such a scheme.  The blockchain provides increased transparency, so regulators may find this to be an appealing solution to tracking energy, and especially re-sold surplus energy, on the grid.  Maybe the consumer market will thrive and we will see more users contributing energy to the grid.  This solution could also provide a more efficient, cost-effective way for utility companies to trade energy.

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