Russian Energy Grid Operator Trials Blockchain Solutions

Asia Blockchain Review
December 20, 2019

Rossetti, the national energy grid operator in Russia, disclosed it is putting a blockchain solution for retail payments on trial in the regions of Kaliningrad and Sverdlovsk.

Addressing Pain Points in the Electricity Industry with Blockchain

According to Cointelegraph, the blockchain-powered platform was developed by Russian startup Waves as an initiative to facilitate payments for energy producers, suppliers and consumers. 

A blog post by Waves published on December 10, 2019 also revealed that blockchain technology promotes more transparency among stakeholders in the electric power industry. 

The blockchain startup added that the main reason decentralized ledger technology (DLT) is adopted is to address the “inefficiency, opacity, and mounting debt” currently faced by the industry, as data from the Russian Federation demonstrated that the overall national electricity debt as of September 1, 2019 was at 1.3 trillion rubles, or US$15.7 billion. From this amount, 800 billion rubles — or US$12.6 billion — was household debt.

The reason for the high amount of debt was due to inaccessible data, failure of payments in reaching producers, consumers missing payments and inaccurate metering calculations.

Introducing Blockchain Solutions for Russia’s Electricity Grids

Earlier in December 2019, Waves disclosed it had carried out a successful trial which engaged 400 electricity consumers in Kaliningrad and Sverdlovsk.

The next phase of the project will be implemented across more homes in the two regions and will start in early 2020. The blockchain solution is scheduled to be introduced across the country in the near future.

Denis Dodon, Director of the Alfa Bank Innovation Development Center, said the project is seen as “a national platform that forms part of a national program”.

Apart from the electricity sector, the Russian government is rolling out blockchain projects in areas such as infrastructure and urban development.

Source: https://cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Aqilliz And MyRepublic Create Blockchain-Based Loyalty Programme
    Marketing Technology Provider Aqilliz And Telecoms Giant Myrepublic Create A Blockchain-based Loyalt...

    August 15, 2020

    Nascent Technologies Help Deal With COVID-19 Outbreak
    It is indeed evident that from AI to blockchain, innovations are helping to manage the epidemic and ...

    August 15, 2020

    Blockchain Ecosystems Need Capital To Thrive, Europe No Different!
    Blockchain’s potential has still not been fully tapped anywhere in the world, hence Europe is well p...

    August 15, 2020

    Blockchain: The Road To Mass Adoption Hinges On Interoperability
    Blockchain is one such technology that has the potential to be scaled beyond the confines of specifi...

    August 14, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us