India has entered the crypto market recently with the peer-to-peer trading platform on the blockchain. It was launched in Uttar Pradesh in rooftop solar power, becoming the first such platform in South Asia and India.
The three Uttar Pradesh corporations, MVVNL, UPPCL, and UPNEDA, have teamed to form this new project. The power used for this is from Lucknow’s solar rooftop panels. Moreover, this project’s main executors are the India Smart Grid Forum (ISGF), Australian Power Ledger, and Abajyon Consulting.
The project got approval from the Uttar Pradesh electricity board in 2019. Under this program, the consumers and government buildings would manage P2P transactions for power usage. After that, the licensed distributor would get the ARR fees for the use of blockchain technology. Owing to this technology, the people taking part can vote, trade, and transfer money independently.
The project specifications
In this project, twelve MVVNL-approved people are expected to participate; three net buyers (no rooftop solar) and nine prosumers (have rooftop solar). For three consecutive months, the participants would handle mock trading, and the ISFF would conduct trading algorithm tests.
According to Reji Kumar Pillai, the ISGF president, this would show this system’s practical uses in real-time transactions. The participants are well-trained in the procedure and the platform features. They would participate online.
Afterward, the UPERC and UPPCL boards would assess the submitted result and decide future promotional points.
Previously, the state of Uttar Pradesh prepared for the innovations and transaction possibilities. And they brought up the concept in the 2019 Rooftop Solar PV Grid Interactive Systems Gross/Net Metering Regulations.
Similar global projects
Indeed, such blockchain-based systems have international recognition, with other countries introducing similar energy-related pilot projects. For example, Senoko Energy and Electrify and Engie Factory of France jointly launched a renewable energy P2P project in Singapore in July 2020. They used Senoko’s SolarShare service. Another example is the deal between US-based Swytch and Chuncheon in South Korea for carbon emission control.