A three-year pilot scheme for an innovative blockchain-based charging platform for electric vehicles secured $ 1 million in financing from Natural Resources Canada, the nation’s government department.
According to an article on the independent platform Electric Autonomy Canada, the scheme promises to reduce the cost of charging electric cars and improve power system efficiency.
The pilot project will be implemented in two multi-unit office buildings in downtown Toronto and will be led by the SWTCH Energy EV shipping platform and smart energy software developer Opus One Solutions.
The innovation comes from the understanding that electric cars are not just replacement vehicles, but also batteries on wheels.
This allows them to be used in a two-way charging scenario where they are charged overnight using cheap electricity and thus can supply the extra energy to the building during peak hours during the day.
Car owners then take out a loan at the capacity that they provide based on the current competitive electricity price. Blockchain is used to maintain an automatic ledger of transactions.
This method can be used to stabilize grid requirements and mitigate fluctuations in renewable energy supplies. As SWTCH CEO Carter Lee explained:
“You want an abundance of backup batteries out there – most people only drive 10% of the time. You can use these [electric cars] to reduce their peak energy consumption.”
As Cointelegraph reported last month, GM and Honda are also working on blockchain technology and electric vehicles to store excess energy from renewable sources, and to publish a global standard for how this network works.