ElaadNL, a Dutch tech company has revealed the PoC for a new smart grid that self-balances and rewards Smart vehicles with IOTA tokens on February 14, 2019.
A Smart Solution
While blockchain technology is known to consume a lot of energy in the process of creating cryptocurrencies, it is now being used to distribute and regulate energy use.
ElaadNL, a Dutch technology company, has developed a proof of concept for an IOTA-based smart grid for electric cars. The announcement of this proof of concept was made on February 15, 2019.
The PoC reportedly demonstrates how smart grids can autonomously balance energy consumption using IOTA technology while securely sharing information via IOTA tangle. Furthermore, the system allows the self-driving vehicles to decide whether they want to participate in the balancing of the ecosystem or not.
How the Grid Works
The systems, which were developed in an ElaadNL test lab in Arnhem together with grid operator Enexis, are self-sufficient and earn a small IOTA fee by charging vehicles slower and during off-peak times.
All the devices will be connected to a specific area of the grid along with the transformer which has multiple charging cables for the multiple vehicles. When one or all of the cables reach their energy delivery limit, the ecosystem will require the vehicles to reduce their energy consumption, an request they might decide to comply with or not.
If they do comply, they will be rewarded with a small amount of IOTA tokens. This process is completely automatic, with the machines communicating among themselves without human interaction needed. It also shows that the ecosystem can be self-sustaining as it balances its energy production and consumption without aid.
Harm van den Brink DLT expert at ElaadNL and Enexis said:
“This proof of concept shows a possible future electricity system, where energy is shared amongst neighbours and decentralised islands are capable of balancing itself. We are using our electricity grid in total different way than we did 50 years ago, we went from only consuming to also producing energy.”
“We are demanding more energy at peak times, and when the sun is shining we will have a surplus of energy. This all should be dealt with in real time. Our solution is a first step in to that direction. We showed with our proof of concept that this can be done, although future development is required to actually put this in the grid,”