Electronics giant Bosch and Wien Energie – heating, cooling, and decentralised solutions provider has presented the first Blockchain-driven refrigerator to achieve inspection of electricity consumption in a transparent manner. The device is currently demonstrated at the Anon Blockchain Summit, Vienna.

In a press release, Wien Energie said, “The refrigerator shows how households can control and influence their electricity consumption”.

The refrigerator is supervised by an application which allows the performance of various functionalities such as notifying the user in case the refrigerator door is left open. It also allows supervision of the electricity consumption periodically and examination of the CO2 footprint. The customer has full control over the data and the settings.

Peter Gönitzer, the CEO of Wien Energie, said

“We see the Blockchain technology as an opportunity for us and are already testing the possibilities in practice with pilot customers. The goal is to make the topic of energy more vulnerable and comprehensible in the future. So far, the power is simply coming out of the socket, while the Blockchain can give the power a machine. “

For every unit of electricity consumed by the refrigerator, there is a transaction validation on the Blockchain network and the proof of origin is delivered to the user. From production to consumption of energy, a transparent report is made available to the consumer.  This is realizable through Blockchain’s forgery-proof control by which all the transactions are public, yet they are stored anonymously.

The project will be verified with three parties in the upcoming months. This plan is a huge stride to involve citizens in the electricity market and to increase awareness in power generation and consumption to develop an eco-friendly environment. The citizens will be taught how the electricity tariff prototypes and the smart meters will work with the help of Blockchain technology.

This being said, Blockchain with the help of its secure network protocol will enable a widespread application to procure efficient technology-based business models in the years to come.

Gönitzer said,

“The Blockchain infrastructure should enable new business models in the energy market. For example, an e-charging station could then use a computer protocol on the Blockchain and automated contracts to purchase electricity from both the solar [energy generation] system on the roofs of a neighborhood and from the wholesale exchange and then market it to an electric car”.

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Image Courtesy: Gerd Altmann, pixabay.com
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