| EPSRC Reference: |
EP/T028564/1 |
| Title: |
EPSRC-SFI: Blockchain transactions in the electricity industry: beyond tokenised energy |
| Principal Investigator: |
Morstyn, Dr T |
| Other Investigators: |
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| Researcher Co-Investigators: |
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| Project Partners: |
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| Department: |
Sch of Engineering |
| Organisation: |
University of Edinburgh |
| Scheme: |
Standard Research |
| Starts: |
01 February 2021 |
Ends: |
31 August 2022 |
Value (£): |
176,553
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| EPSRC Research Topic Classifications: |
| Energy Efficiency |
Networks & Distributed Systems |
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| EPSRC Industrial Sector Classifications: |
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| Related Grants: |
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| Panel History: |
| Panel Date | Panel Name | Outcome |
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06 Jul 2020
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EPSRC ICT Prioritisation Panel July 2020
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Announced
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Summary on Grant Application Form |
Cryptocurrencies such as Bitcoin are underpinned by a computer technology called blockchain, which has existed for around ten years. There are now proposals to use blockchain technologies to allow consumers to buy electricity directly from generators, in the form of tokenised energy.
This project will investigate the new opportunities that could arise if the trading of tokenised electricity gains broader adoption. In particular, the project will examine the role another new blockchain technology, known as smart contracts, can play in such a business landscape. Smart contracts allow financial and business arrangements to be codified directly into the blockchain itself, where they execute in a way that cannot be interfered with. This project will explore the potential for deploying smart contracts in various new roles connected with tokenised energy trading, for instance:
- to allow trading of other useful electricity services, such as targeting and rewarding reductions of consumption at times of high system stress;
- to coordinate the generation and consumption of electricity within local energy communities so they do not burden the physical utility network;
- to provide financial functions such as price guarantees for consumers or revenue-sharing schemes for community-owned energy resources.
A particular focus of the project will be on renewable energy: can these blockchain technologies speed up the decarbonisation of electricity grids?; and can empowering communities, consumers and renewable generators with new financial tools create a cleaner and more collaborative electricity system?
Overall, this project is a forward-looking piece of research which will guide how system operators adapt to blockchain technologies. The goal is give a well-rounded perspective on the full potential value that can be captured, rather than narrowly focusing on just the trading of tokenised energy itself. The project will show how positive interaction effects can arise, so that a vibrant blockchain sector can emerge across the electricity value chain, with each new piece of smart contract functionality complementing and adding value to the entire ecosystem.
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Key Findings |
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This information can now be found on Gateway to Research (GtR) http://gtr.rcuk.ac.uk
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Potential use in non-academic contexts |
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This information can now be found on Gateway to Research (GtR) http://gtr.rcuk.ac.uk
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Impacts |
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| Description |
This information can now be found on Gateway to Research (GtR) http://gtr.rcuk.ac.uk |
| Summary |
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| Date Materialised |
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Sectors submitted by the Researcher |
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This information can now be found on Gateway to Research (GtR) http://gtr.rcuk.ac.uk
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| Project URL: |
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| Further Information: |
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| Organisation Website: |
http://www.ed.ac.uk |