Improving the Power Grid with Blockchain

Blockchain has been making big news in the industrial automation sector over the past few years for its potential to address critical issues ranging from the industrial supply chain and food and pharmaceutical safety to OEM-to-manufacturer contract management. Now the distributed ledger technology is being used to optimize the power grid.

Artemis Technology Group’s MartinezArtemis Energy Services and OSIsoft recently announced a partnership to securely track, trace, and trade energy while optimizing the electric grid. According to the two companies, this partnership is based on using Artemis Energy Services’ blockchain technology to interact with real-time data provided by OSIsoft’s PI System software (which collects, analyzes, visualizes, and shares high-fidelity, time-series data from multiple industrial sources). This combination of technologies is expected to lead to “a field-proven 20% increase in overall grid efficiency and utilization,” according to a statement from the two companies. “This efficiency gain will reduce the need for new fossil-based energy sources and utility grid system upgrades. [This combination of technologies] “will create an entirely new marketplace that has the capability to serve both a single individual as well as the complex regulatory and operational authorities that govern and manage” energy markets.

Addressing the transformational potential of the blockchain technology from Artemis in the energy sector, Richard Beeson, CTO of OSIsoft, said, “The energy-focused platform that Artemis is leveraging went live in July of 2019 [and it] is a purpose-built application for this specific segment of the industry. The electric grid has been called the most complex machine man has ever built.  As such, the requirements for this application are significant and the work we are doing now with the data, operations, transactions, and services segments will help define a new future for a grid that has…

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