Blockchain – An Opportunity For Energy Producers And .

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PwC global power & utilitiesBlockchain – an opportunityfor energy producers andconsumers?www.pwc.com/utilities

2Blockchain – an opportunity for energy producers and consumers?Table of contents1. Blockchain: introduction, definition and development history 42. A look at other sectors: blockchain experience in various areas ofapplication, with a particular focus on improving the consumer perspective 92.1. Blockchain applications in different sectors 92.2. Blockchain applications serving as a basis for cryptocurrencies (Bitcoin) 112.3. Private blockchain models (Nasdaq) 122.4. Smart contract applications based on private blockchains (R3 & Barclays) 132.5. Smart contract applications based on public blockchains (Ethereum) 143. A look around the world: international blockchain experiencein the energy sector from a consumer perspective 153.1. Possible use cases for blockchain technology in the energy sector 153.2. Selected current projects and market players 203.3. Assessment of the current state of the art and of the prospects for blockchainprojects in the energy sector 244. A look at energy law: current legal framework for the applicationof blockchain technology in dealings with consumers and prosumersand future legal challenges presented by blockchain 254.1. European energy law 254.2. Applicable primary and secondary domestic legislation 264.3. Energy law and consumer protection 285. Regulatory challenges posed by blockchain applications in the energy sector 295.1. Current regulatory framework 295.2. Changed market roles under a blockchain-based market model 305.3. Obstacles hindering the implementation of blockchain applicationsand issues to be addressed 325.4. Blockchain potential from a regulatory perspective 336. Blockchain risks and opportunities from a consumer perspective 346.1. Blockchain opportunities in the energy sector 366.2. Blockchain risks in the energy sector 386.3. Outlook on possible long-term social consequences 407. Summary and outlook 41Appendix 1: List of experts interviewed 43Appendix 2: Sources and relevant links 44Contacts 45This is a study conducted by PwC on behalf of Verbraucherzentrale(consumer advice centre) NRW, Düsseldorf

Blockchain – an opportunity for energy producers and consumers?3Executive summaryEfficient peer-to-peer transactionplatformBlockchain is a special technology forpeer-to-peer transaction platforms thatuses decentralised storage to record alltransaction data.The first blockchain was developedin the financial sector to serve as thebasis for the cryptocurrency “Bitcoin”.More and more new applications haverecently been emerging that add tothe technology’s core functionality –decentralised storage of transactiondata – by integrating mechanisms thatallow for the actual transactions to beeffected on a decentralised basis. Thesemechanisms, called “smart contracts”,operate on the basis of individuallydefined rules (e.g. specifications as toquantity, quality, price) that enable anautonomous matching of distributedproviders and their prospectivecustomers.Lower costs, faster processes andgreater flexibilityBlockchain technology changes theway we transact, with the underlyingtransaction model shifting away from acentralised structure (banks, exchanges,trading platforms, energy companies)towards a decentralised system (endcustomers, energy consumers). Thirdparty intermediaries, whose servicesare needed today in most industries, areno longer required in such systems – atleast according to the blockchain theory– given that transactions can be initiatedand carried out directly “from peerto peer”. This can cut costs and speedup processes. As a result, the entiresystem becomes more flexible, as manypreviously manual work tasks are nowcarried out automatically through smartcontracts.1IEA, World Energy Outlook, 2015.Current barriers hindering theimplementation of blockchainapplicationsIn theory, blockchain systems no longerrequire either intermediaries or acentral authority. Conflicts are to beresolved using “swarm” principles, i.e.based on the collective opinion of allparties involved. But it is still difficulttoday to put such models into practice.In addition, there are a number oflegal and regulatory requirements thatblockchain projects must also complywith. In any case, the actual technologybehind blockchains has not yet reachedmaturity and is therefore still beingdeveloped.Some level of maturity in financialservices but concepts only in energyand other sectorsAn entire eco-system of companies hassprung up around Bitcoin that build onthe virtual currency and its underlyingtechnology. Other financial use casesof the technology are currently beingdeveloped and trialled by many majorbanks and start-up companies.Other industries are only just startingout on blockchain development. Somestart-ups are currently entering themarket with blockchain projects. In theenergy sector, a small number of pilotprojects are trialling the technology,some of them funded by large energycompanies. In New York in April 2016,for instance, decentrally generatedenergy was sold directly betweenneighbours via a blockchain system forthe first time. The goal is to establisha fully decentralised energy system inwhich energy supply contracts are madedirectly between energy producers andenergy consumers (without involving athird-party intermediary) and carriedout automatically.Opportunities for prosumersBlockchain technology strengthens themarket role of individual consumersand producers. It enables prosumers,i.e. households that not only consumebut also produce energy, to buy andsell energy directly, with a high degreeof autonomy. The current legal andregulatory framework for consumersand prosumers in the energy sector isclearly defined and provides protectionon many levels to consumers inparticular. However, in the mediumto long term, this framework willprobably have to be adjusted to reflectthe requirements of decentralisedtransaction models.Wide range of energy use casesBlockchain technology shows a lotof promise. Other than being used toexecute energy supply transactions,it could also provide the basis formetering, billing and clearing processes.Other possible areas of application arein the documentation of ownership,the state of assets (asset management),guarantees of origin, emissionallowances and renewable energycertificates.Blockchain technology has the potentialto radically change energy as we knowit, by starting with individual sectorsfirst but ultimately transforming theentire energy market.

4Blockchain – an opportunity for energy producers and consumers?1. Blockchain:introduction, definition anddevelopment historyBlockchain is a technology that enables so-called “peer-to-peer”transactions. With this type of transaction, every participantin a network can transact directly with every other networkparticipant without involving a third-party intermediary.The blockchain innovation is thattransactions are no longer stored in acentral database, but distributed to allparticipating computers, which storethe data locally. The first relevantblockchain application was Bitcoin, aso-called “cryptocurrency”. Over recentyears, Bitcoin has become the basis forother blockchain applications, most ofwhich are currently being developed infinance. A number of businesses andinitiatives have recently been launchedthat apply the blockchain principleto other industries, among them theenergy sector. Blockchain applicationsare generally considered to be a verypromising technology but they are stillat an early stage of development.What is blockchain?The aim of this study is to analysethe potential impact of blockchaintechnology on the energy sector andto explore what opportunities it mayhold for energy customers and energyconsumers. Born as a niche product onthe fringes of the market, blockchainhas for some time now been garneringthe attention of experts in variousindustries, and has increasingly beenin the spotlight of the media. Yet manydecisionmakers, e.g. in the financialsector, are unsure how to respond to thistrend: in a survey conducted by PwC inMarch 2016, 57% of respondents saidso.11PwC Global FinTech Report, March 2016Figure 1: How blockchains change the way we transactTraditional transaction modelBlockchain transaction modelProviderse.g. sellers, electricityproducers, banks, energycompanies Multi-tiered transaction modelrelying on a central authority Transaction data is primarilystored by the central authority)(Customerse.g. buyers, energyconsumers, borrowers Transactions are carried outdirectly between providers andtheir customers All transaction data is stored on adistributed blockchain , with allrelevant information being storedidentically on the computers of allparticipants Ideally, all transactions are madeon the basis of smart contracts, i.e. based on predefinedindividual rules concerningquality, price, quantity etc. Largely automated, decentralisedtransaction model with no needfor third-party intermediaries

Blockchain – an opportunity for energy producers and consumers?In many cases, this uncertaintycan be explained by an insufficientunderstanding of how blockchains work.Essentially, a blockchain is a digitalcontract permitting an individual partyto conduct and bill a transaction (e.g. asale of electricity) directly (peer-to-peer)with another party. The peer-to-peerconcept means that all transactionsare stored on a network of computersconsisting of the computers of theprovider and customer participating in atransaction, as well as of the computers5of many other network participants.Traditional intermediaries, e.g. a bank,are no longer required under this model,as the other participants in the networkact as witnesses to each transactioncarried out between a provider and acustomer, and as such can afterwardsalso provide confirmation of thedetails of a transaction, because allrelevant information is distributed tothe network and stored locally on thecomputers of all participants.Figure 2: The blockchain processA provider and acustomer agree atransactionThe transactionis combined withother transactionsmade during thesame period tocreate a data blockThe data blockis stored in thedecentralisedglobal network ina tamper-proofmanner and thusverifiedThe verified blockis combined withall other blockspreviously verified,thereby creatinga (continuouslygrowing)blockchainThe transaction isconfirmed to bothpartiesHow does a blockchain work?Figure 3: The verification processIndividual transactions arecombined to form a block.The data contained in eachblock is verified usingalgorithms that onlyproduce the correct hash(e.g. 53l4hfi73rtp2fh73p.)only if the right combinationis found.53l4hfi73rtp2fh73p.53l4hfi73rtp2fh73p.The new block is added atthe end of the continuouslygrowing blockchain. Thedata stored on eachblockchain (across allblocks) is also re a provider and a customeragree to enter into a transaction,they determine the variables ofthis transaction by specifying therecipient, the sender and the size of thetransaction, among other things. Allinformation relating to an individualtransaction is then combined withthe details of other transactions madeduring the same period to create a newblock of data. This is comparable tosending emails, which are also split intoseparate data blocks. Blockchains aredifferent in that this process relates to asingle standardised transaction.Each transaction is encrypted anddistributed to many individualcomputers (peer-to-peer), each of whichstores the data locally. The membersof the network automatically confirm(verify) the transactions stored on theindividual computers.

6Blockchain – an opportunity for energy producers and consumers?The data stored in a block is verifiedusing algorithms, which attach a uniquehash to each block. Each such hash isa series of numbers and letters createdon the basis of the information stored inthe relevant data block. If any piece ofinformation relating to any transactionis subsequently changed as a result oftampering or due to transmission errors,e.g. the exact amount of the transaction,the algorithm run on the changed blockwill no longer produce the correct hashand will therefore report an error.All number/letter combinations arecontinuously checked for correctnessand the individual data blocks arecombined to form a chain of individualdata blocks – the blockchain. Due tothe interlinking of these number/lettercombinations, the information stored onthe blockchain cannot be tampered with(at least this would require a great dealof effort). This continuous verificationprocess (called “mining”) is performedby the members of the blockchain, whoare rewarded for this service accordingto the computing power they contribute.The verification process ensures thatall members can add to the blockchainbut no subsequent revisions arepossible. This enables direct, peer-topeer transactions between persons ororganisations that used to require theservices of an intermediary in orderfor their transactions to be legitimatelyrecorded. For example, while a bank iscurrently needed as an intermediary toeffect a financial transaction betweentwo parties, the same transaction canbe executed and documented directlybetween the two parties if a blockchainis used.What is the blockchaindevelopment history?Today’s blockchain applications canbe divided into three broad categoriesbased on their stage of development,namely stages 1.0, 2.0 and 3.0. Thecategory “Blockchain 1.0” comprisesvirtual (crypto)currencies suchas Bitcoin that can be used as analternative to real currencies (e.g.the euro or the dollar). To this day,Bitcoin continues to be the blockchainapplication best known to the generalpublic, and becoming more so. However,despite the fact that more and moreusers are adopting the currency, withtraded volumes on the rise, the absoluteshare of Bitcoin transactions in theinternational foreign exchange marketsis still minimal. At present there is noindication that Bitcoin may ever comeclose to reaching the dimensions ofother international currencies.The next stage of development isto enable smart contract models,which are collectively referred to as“Blockchain 2.0”. A “smart contract”represents a digital protocol thatautomatically executes predefinedprocesses of a transaction withoutrequiring the involvement of a thirdparty (e.g. a bank). Returning to theexample given at the start of thischapter, it would for example bepossible to create a fully automatedsmart contract between an energyproducer and a consumer thatautonomously and securely regulatesboth supply and payment. If thecustomer were to fail to make payment,the smart contract would automaticallyarrange for the power supply to besuspended until payment has beenreceived, provided the parties hadpreviously agreed to include such amechanism in their contract. Thisdevelopment poses a threat to thetraditional business models of banks,which may be in danger of beingexcluded from the market segment ofpayments.Companies and developers may decideto build their applications on eitherpublic or private blockchains. On apublic blockchain, the identity of allparticipants remains anonymous.Bitcoin and Ethereum are examples ofthis. In private blockchain systems, allparticipants are known and identifiedbefore being given access. Someadvantages of private blockchains arethat they allow for simpler governancestructures and that they can be operatedat lower cost compared to publicapplications. Banks and payment serviceproviders are therefore bound to useprivate blockchains for their existingbusiness models, among other reasonsbecause this will allow them to retainsome degree of control as well asrevenue potential.The next blockchain generation,referred to as “Blockchain 3.0”,remains a vision for now. Blockchain 3.0is the stage where the smart contractconcept is developed further so asto create decentralised autonomousorganisational units that rely on theirown laws and operate with a highdegree of autonomy.“Today’s blockchainapplications can be dividedinto three broad categoriesbased on their stage ofdevelopment, namely stages1.0, 2.0 and 3.0”

Blockchain – an opportunity for energy producers and consumers?7How the blockchain worksin detailEach blockchain is essentially a so-called “DApp” (decentralised application)operating on the basis of a peer-to-peer protocol and coming with thespecial feature that it provides distributed storage functionality for storingtransaction data.DApps are open-source applications which represent acontract between a network and its users and which run on adistributed register (the so-called “ledger”), such as the Bitcoinor Ethereum blockchains. What makes this type of applicationspecial is that no single organisation controls these contractsor holds a legal claim over them, but that all decisions (e.g.on protocol adaptations) are taken by consensus between theusers on the basis of computer code.In order for an application to qualify as a genuinedecentralised application, both its protocol and data mustbe stored on a public, decentralised blockchain (to avoid acentral point of failure) and validated using a decentralisedverification mechanism (e.g. “proof of work”).Properly decentralised applications ensure that a reliablerecord can be kept of all transactions and business deals,even in the event that key websites and interfaces gooffline. Also, no one can subsequently revise or erase theledger.DApps can be classified as follows: Type 1: decentralised applications that have their ownblockchain- Examples: Bitcoin, Altcoin, Litecoin Type 2: decentralised applications that use theblockchain of a type 1 DApp- Example: Omni Protocol (a software layer built on topof the Bitcoin blockchain)- Type 2 DApps are protocols and use their own tokens Type 3: decentralised applications that use theblockchain of a type 2 DApp- Example: the SAFE Network, which uses the OmniProtocol to issue “safecoin” tokens. 2The proof-of-work and proof-of-stake conceptsThe purpose of the verification process is to achieveconsensus on the content of the distributed ledger.Consensus-based verification is a decentralised (i.e.embedded on the blockchain itself) and automated process.The following two mechanisms are most commonly3 usedto establish consensus:Proof of WorkThe proof-of-work concept is the consensus mechanismmost frequently used in conjunction with blockchaintechnology, and relies on so-called “miners”. Each blockis verified through mining before its information isstored. The data contained in each block is verified usingalgorithms which attach a unique hash4 to each block basedon the information stored in it. These hashes can be eitherordinary hashes or cryptographic hashes. The complexity ofthis task lies in finding a specific hash corresponding to theblock’s content. The level of complexity (difficulty) adjustsflexibly in response to the computing power available onthe miners’ network, so as to ensure that new blocks canbe hashed at predefined intervals (Bitcoin: 10 minutes,Ethereum: 10 seconds). Even if only a single piece ofinformation relating to any transaction is subsequentlychanged, for example if the amount of a transaction isaltered as a result of tampering or due to transmissionerrors, the algorithm applied to the block will no longerproduce the correct hash. The hashes computed for thesame block, which was stored many times around thedecentralised network as described above, are comparedso that changed blocks can be identified and declaredinvalid. The verified, correct version of a block is identifiedby the majority of participating computers and added tothe other blocks previously verified, thereby extendingthe blockchain. Once the block which contains the initialtransaction is added to the blockchain and this addition hasbeen stored by a sufficient number of network participants,the transaction is confirmed to both parties.2Source: David Johnston/Decentralized Applications3Other consensus mechanisms: federated Byzantine agreement (FBA), deposit-based consensus, Byzantine fault tolerance4Hash algorithms are used to convert data of an arbitrary length to a fixed length, thereby creating a hash. The hash value represents a checksum which is used toencrypt a message of variable size using a hash function. No two encrypted messages may be based on the same hash value, nor will the hash value provide anyclues as to the message content.

8Blockchain – an opportunity for energy producers and consumers?is one example of a DApp issuing itstokens through mining.Figure 4: Peer-to-peer transactions 5Transaction 1Transaction 2Transaction 3Owner 1's public keyOwner 2's public keyOwner 3's public keyHashHashHashVerifyVerifyOwner 1's signatureOwner 0's signatureSignSignOwner 1's private keyOwner 2's private keyThe mining process can also be used totake decisions on changes to a DApp.Decisions made in accordance withthe proof-of-work principle are takenon the basis of the amount of work theindividual stakeholders have performedto verify a block.Proof of stakeThe proof-of-stake approach simplifiesthe mining process where a large numberof tokens need to be verified. Whileunder the proof-of-work principle, alarge group of distributed users arecontinuously verifying the hashes oftransactions through the mining processin order to update the current status ofthe blockchain assets, the proof-of-stakeconcept requires users to repeatedlyprove ownership of their own share(“stake”) in the underlying currency.Where the proof-of-stake method isused, the work required to carry outthe verification process is allocatedbetween the individual members basedon their stake in percent. For example,if a user owns a 10% share of thetotal outstanding blockchain assets,the user will have to carry out 10%of the required mining activity. Thisapproach reduces the complexity of thedecentralised verification process andcan thus deliver large savings on energyand operating costs.5Source: Satoshi NakamotoOwner 2's signatureOwner 3's private keyWhat are tokens?The term “token” may refer to severalthings: a token can be used to grant usersaccess to a (de-)centralised computerapplication, act as a key for the executionof digital transactions or represent acurrency unit (e.g. bitcoins).DApp tokens must be generated anddistributed according to a standardalgorithm or set of criteria. Tokensconstitute the basis for using anapplication, and are also a reward forcontributions by users. Yet tokens donot represent any assets, nor do theygive rights to dividends or equity shares.Although the value of a DApp token mayincrease or decrease over time, it wouldbe a misconception to think of them as atype of security.What mechanisms are used todistribute tokens?There are three general mechanismsDApps (e.g. Bitcoin, Ethereum) can useto distribute their tokens (e.g. bitcoins,ethers): mining, fundraising anddevelopment Mining: tokens are distributed as areward to those participants whosolve certain verification operationsmost quickly (with consensus beingestablished by proof of work). Bitcoin Fundraising: tokens are distributedto those who funded the initialdevelopment of the DApp. Development: tokens are generatedusing a predefined mechanismand are available for the futuredevelopment of the DApp (withconsensus being established by proofof stake).Execution of transactionsIn blockchain transactions, cryptographicproof replaces the third-partyintermediary. The chart below showsa peer-to-peer transaction conductedwithout the assistance of any thirdparty intermediary. In this context, it isimportant to distinguish between thetwo components of a blockchain address,namely the private key and the publickey. The public key can be used to viewthe transaction history of a user but itcannot be used to make a transactionunless the private key is also known.The private key is what is needed toaccess an account and actively execute atransaction.The chart illustrates how Owner 1transfers a token to Owner 2 bydigitally signing a hash of the previoustransaction and the public key of thenext recipient (digital signature).The transaction is then added to theblockchain. The party receiving theinformation/payment (Owner 2) canverify the “chain of ownership” byverifying the signatures using the publickey of Owner 1 stored on the publiclyaccessible blockchain. What they cannotcheck is whether a previous owner hadalready used the same token prior to thecurrent transaction (“double spending”).Double spending can be verified eitherby a central authority or, in the case ofBitcoin, through a verification processcarried out by a decentralised authority.

Blockchain – an opportunity for energy producers and consumers?2. A look at other sectors:blockchain experience in various areasof application, with a particular focus onimproving the consumer perspectiveWhen it comes to the practical application of blockchaintechnology, by far the most progress has been achieved inthe financial sector. In finance, unlike in other industries,blockchain solutions are not only used and developed bysmall communities but also by established players, e.g.international commercial banks.For the most part this can be explainedby the fact that in the area of financialservices, the blockchain transactionmodel can deliver huge cost reductionsand make processes more efficient,all within a short length of time.From a consumer perspective, themost interesting questions are whichblockchain model – public or private– will win the day and how smartcontracts will be used in the future.2.1. Blockchainapplications in differentsectorsAs is shown in the overview below,blockchain applications are beingdeveloped for a variety of industries anduse cases.Figure 5: New blockchain applicationsFinancial servicesNon-financial servicesDigital securities tradingProof of ownership and title transferequityBits, Spritzle, Secure Assets, Coins-e,DXMarkets, Muna, Kraken, BitSharesDigital identityProtects privacy of consumersSho Card, Uniquid, Onename, TrustatormForeign exchangeCurrency exchange/conversionCoinbase (Wallet), BitPesa, Billion, Ripple, Stellar,Kraken, Fundrs.org, MeXBT, CryptoSigmaProof of ownershipAuthentication & authorisationThe Real McCoy, Degree of Trust, Everpass,BlockVerifyData storageStorj.io, PeemovaReviews/recommendationsEnables authentication of ratings and reviewsTRST.im, Asimov (recruitment services),The World TableBlockchainPeer-to-peer transactionsVerification by network participantsBTC Jam, Codius, BitBond, BitnPlay (Donation),DeBuNe (SME B2B transactions)Diamonds/gold/silverDiamonds: Everledger, gold & silver:BitShares, Real Asset Co., DigitalTangible(Serica), Bit ReserveDigital contentStorage & deliveryBotProof, Blockcai, Ascribe, ArtPlus, Chainy.Link,Stampery, Blocktech (Alexandria), Bisantyum,Blockparti, The Rudimental, BlockCDNNetwork infrastructureEthereum, Eris, Codius, NXT, Namecoin,ColoredCoins, Hello Block, Counterparty,Mastercoin, Corona, Chromaway, BlockCypher9

10 Blockchain – an opportunity for energy producers and consumers?All these developments are still at a veryearly stage of development, with theprimary focus of most projects being onrefining their concepts or running firstpilots. Yet initiatives such as Onenamegive us a glimpse of the potential impactblockchain technology may have inareas outside finance. Onename createsvirtual IDs that uniquely identify usersand allow them to log on to socialnetworks using their own identities.Its IDs, which build on blockchaintechnology and are thus tamper-proof aswell as unforgeable, are already beingused on the Internet today, for examplein blogs, forums or digital exchanges.From today’s perspective, it may havequite a futuristic feel to think of digitaldriving licences or identity cards, whichare potential future developments ofthis technology, given that such digitalIDs are not currently a legally validform of identification, and as such arenot recognised by any government atpresent. But they do provide an outlookon what blockchain technology maymake possible in the future.Another example is the Swedish startup company Bitnation. Its applicationstores public administrative acts ona blockchain, for example contracts,insurance policies or official certificates.In a few isolated cases this is alreadyused in practice, for example in Estonia,which has recognised marriages viaBitnation since 2015. Bitnation hasnot yet succeeded in establishing othercomparable use cases of its blockchain,though. Honduras, for instance, hasabandoned the planned migration of itsland registry onto the blockchain.In the financial industry, in contrast,the number of functioning blockchainapplications is growing by the day. Thetechnology and its various use caseshave made plenty of headway sincethe first blockchain application Bitcoinwas launched in 2009. The two mostimportant developments in finance thatcan currently be observed are the trendto build smart contract applications onblockchain technology and initiatives tocreate private blockchains.Figure 6: Blockchain applications in the financial sectorSmart contractsPrivateBlockchain applicationsserving as a basis forcryptocurrencies (Bitcoin)Private blockchainmodels (Nasdaq)Transactions2.2Combination of privateblockchains with smartcontracts (R3 & Barclays)Combination of publicblockchains with smartcontracts (Ethereum)Smartcontracts2.32.52.4These developments will broadenthe range of possible blockchainapplications. In the following parts ofthis chapter we describe the differenttypes of blockchain models usingexamples from the financial sector.The insight gained here will allow usto draw some conclusions as to whatdevelopments we may be about to seein the field of energy. In particular, thematter of which of the two blockchainmodels is likely to be used

Blockchain an opportunity for energy producers and consumers?5 In many cases, this uncertainty can be explained by an insufficient understanding of how blockchains work. Essentially, a blockchain is a digital contract permitting an i

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