Page 12 - bne_Tech_May_2018_v2-1

Blockchain
May, 2018 www.intellinews.com I Page 12
Bittwatt creates a matchmaking system based on blockchain that both decentralises and streamlines energy trading. It also creates
a proper electrical power balancing system,
and a fully transparent, 100% secure ledger of transactions and costs for all parties involved.
At the root of the system are the smart contracts (otherwise called self-executing contracts). Thanks to the blockchain technology, which in essence registers those contracts (instantiated in the form of computer code) in a way that they cannot be backward changed, these contracts are automatically consolidated, allowing optimisation of the production function.
Bittwatt has already started developing a new marketplace for electricity balancing and trading — which is blockchain enabled — that incentivises producers and opens up competition on a level playground, according to its White Paper. Further steps are envisaged quite soon.
"The Beta version of the platform will be available in May in Bulgaria (Energy Market) and Romania (Eva Energy) and will allow suppliers and consumers to publish their bids and supply requests based on minimum configuration,” Stoicescu announced.
Immediately afterwards, Bittwatt will allow payment in Bittwatt tokens (BWTs) and currency exchange from Bitcoin and Ethereum to BWT. By the end of the year, it intends to apply the model to its Singaporean partner and an as yet unnamed Indian operator. The entire set of facilities will
be phased in later, prioritising, of course, the capabilities offered to the final consumer, the company says.
A 2bn strong market
Stoicescu gives more technical description of the system and how it aims to overcome major obstacles. Blockchain technology demonstrates that it is possible to implement such a system for the use in the electricity market from both the perspective of the business model and operational model, she claims.
"In popular terms, blockchain can be explained
as a decentralised database where every data is verifiable and consistent. Of course, currently the transaction limit over blockchain is a challenge for us due to the fact that worldwide we have more than 2bn consumption places. But I’m positive that this will change in the next few years, since many new protocols are already developing and many organisations and institutions are preparing the transition to blockchain."
The BWT as implemented by the platform has payment, escrow and protocol functionalities. Payments can be made both in the traditional manner and in the BWT currency, as long as both contract parties agree. If users chose to pay in fiat (the traditional method), the invoice value
will be blocked in the BWT wallet until payment confirmation, so that the counter-party has the guaranteed payment. It is applicable to electric vehicle loading stations in order to enable energy-roaming.