Publication T3.1.1_A Prototype interface for the blockchain
Rising energy costs have become a significant challenge for low and middle-income consumers. The Blockchain 4 Prosumers project proposes a decentralized, peer-to-peer energy market that leverages blockchain technology to eliminate intermediaries and offer competitive prices. However, implementing this solution requires a secure and privacy- compliant identification system for participants. The project has developed a decentralized and privacy-friendly identity management system for users and their assets to overcome this challenge. This project’s objectives, challenges, and solutions in implementing a privacy- sensitive for the blockchain-based energy market.
The current energy crisis has resulted in a significant increase in energy prices, as indicated by figure 1, which demonstrates the correlation between a google trends analysis on “placing solar panels” and the average energy price in kw/h.
The planned phasing exacerbates this crisis out of the existing net metering scheme by the Dutch government, which is expected to occur between 2025 and 2031 (1). This will reduce compensation for residual energy flow, ultimately leading to a zero return and prolonging the payback period for solar panels This highlights the need for an alternative solution.
The objective of BC4P[2] is to integrate blockchain technology[15] with the prosumer to establish local energy markets within the EMR through peer-to-peer trading. In addition, the project aims to educate various stakeholders, including governments, companies, prosumers, and consumers, about the benefits of blockchain technology.