Emerging Blockchain applications in India

NILESH B. HADIYA

India likewise has successfully piloted the implementation of this technology in its administrative services. As can be seen in Figure, some appropriate applications or use-cases are in the essential services category, evidently leveraging its features and architecture. These include supply chain management, insurance, land records management, and banking which are some of the core areas where blockchain found its initial applications.

In India, some of the major Blockchain-related projects, have been commissioned. Like, The Union Territory of Chandigarh and NITI Aayog have identified specific blockchain features, which may be utilized in the Land registry business. This platform allowed for necessary stakeholders to be brought on board with adjustable read/write accessibility, citizens to manage their land transfer through a single user-friendly portal, and ability to view the current status of their transaction through events immutably stored on the blockchain. To reduce fake production in the pharmaceutical drugs supply chain, NITI Aayog has developed a blockchain platform with a host of partners in the healthcare and technology domain. To get rid of Student impersonation, University impersonation, and forgery & fraud in educational certificates, NITI Aayog, in partnership with the Indian School of Business (ISB) and Bitgram, has developed a blockchain-based solution named "SuperCert". SuperCert has involved decentralization, intelligent identity encryption, and identity interlinking for issuance of educational certificates.

Among all, the power sector is one of the encouraging areas wherever Blockchain - Distributed Ledger Technology can be appropriated efficiently. The technology can be used to securely manage the transactions in peer to peer (P-2-P) energy exchanges among distributed generators such as rooftop solar PV plants, electric vehicle (EV) charging stations, and distributed battery storage units. Since a blockchain itself is structured on a P2P model, its utilization in controlling P2P transactions among a set of consumers in a distribution utility’s network makes immediate sense. It can also be used at the bulk power system level for operating obligations between generation, transmission, and distribution companies and settling the transactions that take place between them.

Many international practices have been identified as The California Energy Commission (CEC) announced a $9 million grant for a project that proposes to utilize locally produced renewable energy and provide sustainability with the use of Blockchain. This project will target decarbonization, a campus microgrid resilience hub with clean back-up power, a community-operated electric vehicle (EV) van-pooling service, and a network of EV fast-charging stations. European electricity grid operators TenneT, Swissgrid and Terna have originated a cross-border blockchain platform named "Equigy", to register and validate "energy transactions" between batteries and the grid, also will allow households to be paid for those transactions depending on the time of day, and the price of electricity that applies. NREL has developed a blockchain platform entitled "BlockCypher", with the aim to allow high levels of solar and flexible loads to be installed in buildings while eliminating the occurrence of energy back-feed into the bulk power grid.

India has also shown keen interest in the use of blockchain applications in the Energy sector and also proposed some pilot projects to analyze the potential of blockchain in terms of the demand management system and flexibility services. Many institutions have declared pilots to unleash the true potential of Blockchain in the energy sector especially in Energy storage and EVs. Uttar Pradesh Power Corporation (UPPCL) and Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) will host the first pilot project involving energy generated from solar rooftop projects installed on state government buildings. BSES Rajdhani Power Limited (BRPL) is set to launch consumer-to-consumer (peer-to-peer) solar power trading on a trial basis.

The Energy and Resources Institute (TERI) has actively involved in blockchain applications for the energy sector. Teri has found opportunities to collaborate with some of the prestigious organizations at national as well as an international level like Power Ledger and Sofocle.

But, still India is struggling with proper regulations to implement the blockchain platform for the energy sector. There is a solid requirement for proper regulations for this study.