TERI Introduces Blockchain-Enabled Prototype for Solar Power Transaction

The Energy and Resources Institute (TERI) has announced that it has developed a platform to enable peer-to-peer transactions of solar energy among consumers in the same neighborhood. The institute has developed a blockchain-based prototype in partnership with Sofocle Technologies, a Noida-based blockchain start-up.

The platform has been developed as a prototype for facilitating a peer-to-peer transactional control in which electricity consumers such as residential premises, malls, schools or even small and medium enterprises can trade local generation of solar rooftop systems among themselves.

The objective is to establish the concept of energy trading among rooftop solar system owners so as to enable the development of local electricity markets that will encourage the adoption of rooftop solar, mostly in the residential consumer segment.

In the prototype, electricity subscribers can securely sign in to their accounts, set bids and quote their own price for locally generated energy. A separate portal for distribution utilities is also available for user and meter identity management.