What is Blok-Z?
Blok-Z is a start-up developing blockchain solutions for utility companies, especially electricity distribution companies and electricity producers to meet their needs on fast and smart contracts.
What is Ener-Z?
Ener-Z is one of Blok-Z’s Blockchain solutions focusing on electricity trading.
What is Blockchain?
Blockchain, the decentralized network, allows users to make transactions directly peer to peer, without any middleman to manage the exchange of assets.
Blockchain is a new data structure with an automated way to enforce trust among participants. Consensus algorithms ensure that all participants agree on the data stored within the blockchain. Blockchain opens the door to disrupt any industry that relies on a central authority to confirm authenticity. It also allows independent, and even competing organizations, to share information to gain efficiencies across an industry
Many companies and consortia in the electricity sector are actively investing in blockchain projects. Potential applications span the entire electricity sector from local, retail, and wholesale electricity markets to network support services, electric vehicle integration, and environmental attribute markets. Nonetheless, blockchain technology’s future in electricity systems is uncertain. We are well aware of it and take the risk to go further.
Which blockchain solution will you using?
We are using ethereum based ERC-20 token. We also develop solutions on hyperledger for smart contracts between institutions.
How do you handle energy trading using blockchain ?
We generate energy tokens for big/small scale electricity producers for each unit electricity they have produced and gave to the grid. These energy tokens are defined on the producers’ crypto wallet. Producers can exchange these tokens on a free market. Any buyer can either resell these tokens or can exchange them for electricity with their authorized utility company. If the buyer and seller are both consumers/producers at the same utility company, the trading will be completed and the up to date information will be saved into the blockchain. If they are on separate utility companies, fiat currency and tokens will be defined to both of the buyers’ and sellers’ wallets but another consensus between the utility companies will be reached through the blockchain. So, all transactions will be on blockchain and there will be no need for any other middleman.
What is the difference from existing solutions?
Current solutions are weak in terms of security, transparency, reconciliation they are outdated at the point of managing currency flow in an efficient and fast way..
Will you launch ICO?
We will not do any ICO.