This is the fifth and final in a series of posts that breaks down our article, “Smart After All: Blockchain, Smart Contracts, Parametric Insurance, and Smart Energy Grids,” recently published in the Georgetown Law Technology Review. We have discussed the enforceability of blockchain-based smart contracts under ESIGN and UETA and a few promising smart contract applications. We will now examine the use of blockchain-based smart contracts for microgrids. You can read the full article here.
Within the energy industry, blockchain-based smart contracts can accelerate the development of smart meters, as we discussed earlier. However, they can also help accelerate the development of microgrids. Blockchain-based smart contracts can provide the tool to give both utilities and customers the levels of efficiency and effectiveness that both strive for, while delivering both the consumer protections and individual choice that stakeholders often advocate.