A project to build the first blockchain-based electricity asset register in the UK has been launched.
Electron, National Grid Electricity System Operator, SP Energy Networks and UK Power Networks have teamed up to create the ‘first-of-a-kind’ register, which will be a record of all the electricity generation and storage infrastructure connected to the country’s transmission and distribution networks.
Called ‘RecorDER’, the project will collate existing data-sets to improve the visibility and availability of asset information – this is expected to help enable new systems that will facilitate decarbonisation, improve forecasting and modelling and reduce the overall operating cost of the grid.
By employing blockchain as an enabling technology, information will be able to be hosted by all involved parties, removing the need for a large infrastructure project or a central party to host the system.
The first phase of the project will focus on assets with installed capacity of more than 1MW – later it will incorporate more Distribution Network Operators and map smaller energy resources.
Jo-Jo Hubbard, CEO and Co-Founder of Electron, said: “This is a great example of networks collaborating to deliver benefits to their customers.
“We are delighted to be working together with such key, forward thinking industry partners on a shared asset register. This is an important first step in the process of integrating distributed assets and allowing them to play their full role in balancing the electricity system.”