Description:TECHNICAL FIELD
The present disclosure relates generally to managing renewable energy information and more specifically relates to managing renewable energy information using blockchain technology.

BACKGROUND
[0001] Intermittent renewable energy sources, principally wind and solar, are obtaining a larger percentage of global electricity supply, mostly at the expense of coal and nuclear power, in various markets throughout the world. Where this is happening, wholesale power market pricing dynamics are shifting dramatically, causing energy costs to fall. As a result, organisations having long holdings in locations that are growing increasingly reliant on renewable energy run the danger of deteriorating portfolio value and may be forced to adjust both their asset strategy and trading activities.

[0002] The energy shift is gaining momentum, with renewable energy drawing growing amounts of money year after year. Solar and wind deployment is expanding year after year, and governments are increasingly relying on the renewables industry to reinvigorate stagnant economies. In the backdrop, the retirement of fossil fuel assets proceeds.

[0003] Trading desks of energy and commodities corporations might benefit from a more active presence in these markets, which have greater margins than more established sectors. However, restricted liquidity will need strict risk management techniques. Companies must constantly change their strategy as markets mature along the maturity curve.

[0004] Some of the challenges (of many colours) confronting the renewable energy business include regulations. The PTC and ITC extension with phase-down is one of these problems. They are the primary financial drivers for wind and solar power project development since they contribute to the long-term management and operation of renewable energy producing assets. The solution is to compete through the use of Utility PPAs, Commercial & Industrial (C&I) PPAs, Energy Hedges, and Proxy Revenue Swaps. Unfortunately, utility PPAs are often confined to certain markets, whereas C&I PPAs might take years to complete.

[0005] Tariffs, as well as the supply and cost of tax equity, push up the costs of renewable energy products, which can be discouraging to potential and present market participants. While the renewables sector is expanding, the elimination of subsidies poses a big problem.

[0006] There are techniques known in the art which discloses managing renewable energy information. For example, reference can be made to KR20130005362A which discloses energy management system that can induce the use of alternative energy when the alternative energy supply is required by scheduling the energy supply. Further, reference can be made to US9811068B2 which discloses improving energy efficiency of a farm with livestock wastes. However, none of the techniques disclose techniques for managing renewable energy information using blockchain technology.

OBJECTS OF THE INVENTION

[0001] The principal object of the present invention is to provide techniques for managing renewable energy information using blockchain technology.

[0002] Another object of the present invention is to provide techniques for uploading a smart contract containing trading of renewable energy information on the distributed ledger.

[0003] Another object of the present invention is to provide techniques for storing smart contract on a blockchain network and implementing the smart contract automatically at a designated delivery time.

SUMMARY OF THE INVENTION

[0004] In one embodiment, an environment (100) managing renewable energy information in a distributed ledger are disclosed. The environment comprises a plurality of computing devices (102), a plurality of users (104) operating the plurality of computing devices, a blockchain network (106) and a communication network (108) configured to enable communication between the plurality of computing devices and the blockchain network, the plurality of computing devices is configured to upload the renewable energy information into the blockchain network, the renewable energy information is represented in the form of smart contracts, and broadcasting the uploaded renewable energy information to all users in the blockchain network (106).

[0005] In another embodiment, a method for managing documents is disclosed. The method comprises enabling communication between a plurality of computing devices and a blockchain network, uploading the document information into the blockchain network, the plurality of computing devices is configured to upload the renewable energy information into the blockchain network, the renewable energy information is represented in the form of smart contracts, and broadcasting the uploaded renewable energy information to all users in the blockchain network (106).

BRIEF DESCRIPTION OF DRAWINGS

[0006] Figure 1 illustrates an environment for managing renewable energy information in distributed ledger, in accordance with one embodiment of the present invention.
[0007] Figure 2 illustrates a flowchart of a method for managing renewable energy information in distributed ledger, in accordance with one embodiment of the present invention.
DETAILED DESCRIPTION OF THE INVENTION
[0008] While the present invention is described herein by way of example using embodiments and illustrative drawings, those skilled in the art will recognize that the invention is not limited to the embodiments of drawing or drawings described and are not intended to represent the scale of the various components. Further, some components that may form a part of the invention may not be illustrated in certain figures, for ease of illustration, and such omissions do not limit the embodiments outlined in any way. It should be understood that the drawings and the detailed description thereto are not intended to limit the invention to the particular form disclosed, but on the contrary, the invention is to cover all modifications, equivalents, and alternatives falling within the scope of the present invention as defined by the appended claim.
[0009] As used throughout this description, the word "may" is used in a permissive sense (i.e. meaning having the potential to), rather than the mandatory sense, (i.e. meaning must). Further, the words "a" or "an" mean "at least one” and the word “plurality” means “one or more” unless otherwise mentioned. Furthermore, the terminology and phraseology used herein are solely used for descriptive purposes and should not be construed as limiting in scope. Language such as "including," "comprising," "having," "containing," or "involving," and variations thereof, is intended to be broad and encompass the subject matter listed thereafter, equivalents, and additional subject matter not recited, and is not intended to exclude other additives, components, integers, or steps. Likewise, the term "comprising" is considered synonymous with the terms "including" or "containing" for applicable legal purposes. Any discussion of documents, acts, materials, devices, articles, and the like are included in the specification solely for the purpose of providing a context for the present invention. It is not suggested or represented that any or all these matters form part of the prior art base or were common general knowledge in the field relevant to the present invention.
[0010] In this disclosure, whenever a composition or an element or a group of elements is preceded with the transitional phrase “comprising”, it is understood that we also contemplate the same composition, element, or group of elements with transitional phrases “consisting of”, “consisting”, “selected from the group of consisting of, “including”, or “is” preceding the recitation of the composition, element or group of elements and vice versa.
[0011] The present invention is described hereinafter by various embodiments with reference to the accompanying drawing, wherein reference numerals used in the accompanying drawing correspond to the like elements throughout the description. This invention may, however, be embodied in many different forms and should not be construed as limited to the embodiment set forth herein. Rather, the embodiment is provided so that this disclosure will be thorough and complete and will fully convey the scope of the invention to those skilled in the art. In the following detailed description, numeric values and ranges are provided for various aspects of the implementations described. These values and ranges are to be treated as examples only and are not intended to limit the scope of the claims. In addition, several materials are identified as suitable for various facets of the implementations. These materials are to be treated as exemplary and are not intended to limit the scope of the invention.
[0012] Referring to FIG. 1, an environment 100 for managing documents using a digital ledger technology is depicted. The environment 100 comprises a plurality of computing devices 102-1, 102-2…102-n (collectively referred as 102) corresponding to a plurality of users 104-1, 104-2…104-n (collectively referred as 104), a blockchain network 106 and a communication network 108. The communication network 108 may include a local area network (LAN), a wide area network (WAN), the internet, or a combination of them. In one embodiment, the communication network 108 enables communication with, within a blockchain network 106.
[0013] The plurality of users 104 acts as a node in the blockchain network 106. Each of the plurality of users 104 participates in the blockchain network 106 using the plurality of computing devices 102. In one embodiment, the plurality of users can include the stakeholders as explained above. Each of the above mentioned stakeholders can act as nodes and are responsible for making changes in the blockchain network. Each of the user 104 operates a computing device from the plurality of the computing devices 104. In one embodiment, the plurality of computing devices 102 include, for example, but not limited to, a laptop, a computer, a mobile device, a tablet. In one embodiment, the computing devices 102 hosts or runs one or more applications for interacting with the blockchain network 106.
[0014] The blockchain network 106 includes one or more blockchain 110. The blockchain 110 is made up of a chain of blocks, each storing renewable energy information. The renewable energy information includes information relating to the solar energy and wind energy. Although only two examples of renewable energy are disclosed, there may be any other type of renewable energy.
[0015] In one embodiment, the renewable energy information is stored in a smart contract. The smart contract includes information related to trading of renewable energy. In one embodiment, the smart contracts may include information relating to tariff about the selling or purchasing of the renewable energy. The smart contracts may also list down rules for directly selling the renewable energy to the customers, eliminating the need for the middleman.
[0016] Blockchain network 106 provides a safe environment for peer-to-peer trade that monitors the movement of assets such as energy units. Blockchain is a distributed ledger technology that keeps data invisibly on a decentralized network. It is used to track assets and monitor transactions. Each block in the chain records many transactions in a form that is simple to audit and verify but difficult to modify or amend. Blockchain has the potential to be a highly appealing solution for distributed energy firms when paired with smart contracts that automate the buying and selling of energy depending on supply and demand. It has the potential to drastically simplify the process of purchasing and selling electricity while also enabling very localized energy generation. Existing energy firms may also participate, but they must modify their existing technology and business strategies.
[0017] Renewables are regularly chastised for their reliance on certain environmental conditions. Solar energy need sunlight, while windmills require wind. Blockchain trading solves these concerns by making it significantly easier for people with excess electricity to sell it to those in need. When renewables are unable to supply power at night or on a windless day, microgrid members can readily obtain power from alternative sources. The rules for selling the excess electricity may also be listed down in the smart contract.
[0018] Distributed ledger technology and smart contracts can enable a producing unit to trade directly with a customer or an energy retail provider using autonomous trading agents, eliminating the need for a middleman.
[0019] The agent would look for the finest bargain in the market that meets a consumer's predicted need for a specific time. The agreement would be securely stored in the blockchain and implemented automatically at the designated delivery time.
[0020] Payments would be made automatically at the time of delivery, as stipulated in the agreed-upon contract. All participants and the system operator would have access to transaction data via a single point of access, the distributed ledger.
[0021] Distributed ledger technology and smart contracts can enable a producing unit to trade directly with a customer or an energy retail provider using autonomous trading agents, eliminating the need for a middleman.
[0022] The agent would look for the finest bargain in the market that meets a consumer's predicted need for a specific time. The agreement would be securely stored in the blockchain and implemented automatically at the designated delivery time.
[0023] Payments would be made automatically at the time of delivery, as stipulated in the agreed-upon contract. All participants and the system operator would have access to transaction data via a single point of access, the distributed ledger.
[0024] A fewer number of intermediaries lowers the cost of compliance, reconciliation, and transactions, allowing for the formation of markets with lower entry barriers, allowing for the trading of smaller volumes. Throughout the value chain, the allocation mechanisms can be tailored to create incentives for "good" behavior. The digitalization of assets improves operational efficiency even more.
[0025] Plant operators must create projections to minimize variations in order to engage in energy exchange. VPPs combining geographically scattered and strategically grouped assets may be utilized to optimize power flows if intelligently handled, functioning as a power flow optimization tool complementing network growth. Even today, electricity flows may be optimized using renewable energy producing facilities, such as aggregating wind turbines and managing them collectively. As a result, Virtual Power Plants can help compensate for and bridge gaps in network expansion.
[0026] A central actor might deploy a blockchain system that incorporates local information and optimizes local grids automatically. Local grids are then aggregated to establish virtual platforms, which provide reliable electricity supply at a reasonable cost. This aggregation can comprise several actors and a central player, or it can be deployed by a single player for numerous dispersed grids.
[0027] In one embodiment, current electrical load levels can be checked by monitoring the power produced and used in close to real-time. It is possible to spread out the risks associated with employing renewable energy with the help of ability of stakeholders (including power generators and retail power utilities) to coordinate the exchange of electricity among them. Retail power providers can easily deliver and buy steady renewable energy with the help of this functionality.
[0028] In one embodiment, records of power generation and consumption can be kept and can be independently verified by a third party. Instead of a certificate, the records serve as proof. The system has the potential to drastically lower the expenses associated with producing evidence by fully automating the measurement and recording operations currently performed by field employees.
[0029] Referring to FIG. 2 now, a flowchart of a method 200 for managing renewable energy information on a distributed ledger is disclosed. At step 202, the method comprises determining details regarding the renewable energy information from various renewable energy sources. At step 204, the method comprises representing plurality of users, including sellers and customers, as nodes. At step 206, the method comprises uploading renewable energy information on the blockchain network. At step 208, the method comprises broadcasting the same renewable energy information to all the nodes in the blockchain network.
[0030] The various actions, acts, blocks, steps, or the like in the flow diagram may be performed in the order presented, in a different order or simultaneously. Further, in some embodiments, some of the actions, acts, blocks, steps, or the like may be omitted, added, modified, skipped, or the like without departing from the scope of the invention.
[0031] Although particular embodiments of the invention have been described in detail for purposes of illustration, various modifications and enhancements may be made without departing from the spirit and scope of the invention.
, Claims:I/We Claim:
1. An environment (100) for managing renewable energy information, the environment comprising:
a plurality of computing devices (102);
a plurality of users (104) operating the plurality of computing devices;
a blockchain network (106);
a communication network (108) configured to enable communication between the plurality of computing devices and the blockchain network, wherein:
the plurality of computing devices is configured to upload the renewable energy information into the blockchain network,
the renewable energy information is represented in the form of smart contracts, and
broadcasting the uploaded renewable energy information to all users in the blockchain network (106).
.
2. The environment as claimed in claim 1, wherein each of the plurality of users represent a node in the environment (100).

3. The environment as claimed in claim 1, wherein the information stored in the smart contract is implemented automatically.

4. The environment as claimed in claim 1, wherein any change in the renewable energy information is broadcasted to every node in the blockchain.

5. The environment as claimed in claim 1, wherein:
current electrical load levels are checked by monitoring power produced, and
information relating to power generation and consumption are stored in the blockchain network (106) and independently verified by a third party.

6. A method for managing documents, the method comprising:
enabling communication between a plurality of computing devices and a blockchain network;
uploading the renewable energy information into the blockchain network, wherein the renewable energy information is represented in the form of smart contracts, and
broadcasting the uploaded renewable energy information to all users in the blockchain network (106), wherein the plurality of users operate the plurality of computing devices.

7. The method as claimed in claim 6, wherein each of the plurality of users represent a node in the environment (100).

8. The environment as claimed in claim 6, wherein the information stored in the smart contract is implemented automatically.

9. The environment as claimed in claim 6, wherein any change in the renewable energy information is broadcasted to every node in the blockchain.

10. The method as claimed in claim 6, wherein:
current electrical load levels are checked by monitoring power produced, and
information relating to power generation and consumption are stored in the blockchain network (106) and independently verified by a third party.