Blockchain technology, which is already in use in Europe, Australia, the U.S and Thailand, can offer creative solutions for Turkey’s renewable energy sector, co-founder of Foton Energy, Can Arslan, told Anadolu Agency on Monday. Blockchain technology, which supports the transaction of digital assets in real-time, has become widely used in cryptocurrencies. The technology allows for the efficient and verifiable recording and permanent tracking of transactions between two parties. Arslan argues that this technology, along with providing a platform for cryptocurrency, can be extended to the renewable sector. “Blockchain might have a significant effect on lots of industries in the future. But more importantly, it has the potential to change the renewable sector and provide innovative solutions to the renewable energy market,” he stressed. Arslan said that some of these application areas include the tracking of distributed energy resources, mobile charging-discharging (EVs) and peer-to-peer (P2P) energy trading. “The question of why we might need blockchain in renewable energy in Turkey is that the share of renewables and local sources in Turkey’s energy mix has been increasing year-on-year. This share has reached almost 50% in the last couple of years,” he said.
He added that as power consumption grows in Turkey, the pressure on the future financing of renewable energy correspondingly rises. “Up until now, the most sustainable solution has been to make long-term energy contracts between the consumer and renewable energy supplier,” he explained. Nonetheless, he said that with such contracts, the consumer would not be assured that the supplier is providing 100% renewable energy. “The current market does not allow for consumers and distributed energy resources to become a participant in the market,” he said, adding to do so would require a communication network that includes smart meters. According to Arslan, this is where blockchain technologies come in by […]