A three-year pilot project for an innovative blockchain-based charging platform for electric vehicles was funded with $ 1 million by Natural Resources Canada, a division of the country’s government.
The program promises to reduce the cost of charging electric vehicles and improve grid efficiency, according to an article on Electric Autonomy Canada’s independent platform.
The pilot project is taking place in two office buildings with multiple tenants in downtown Toronto and is operated by the charging platform for electric vehicles SWTCH Energy and the developer of intelligent energy software Opus One Solutions.
The innovation is based on the understanding that electric vehicles are not just cars with an alternative drive, they are batteries on wheels.
This allows them to be used in a bi-directional charging scenario where they can be charged with cheap electricity overnight and then deliver excess electricity to the building at peak times during the day.
Car owners are then credited for the service they have provided based on the competitive electricity price. Blockchain is used to keep an automated transaction book.
This technique can be used to stabilize grid requirements and smooth out fluctuations in the supply of renewable energy sources. Carter Li, CEO of SWTCH stated:
“You will have an abundance of battery reserves just sitting there – most people only drive their vehicles 10% of the time. They use those [electric vehicles] to reduce peak energy demand. “
As Cointelegraph reported last month, General Motors and Honda have also partnered with blockchain technology and electric vehicles to store excess energy from renewable sources, and released a global standard on how such a network could work.