Decentralized Electricity Could be Blockchain’s Trojan Horse

The tale of the Trojan Horse first told in Homer’s Odyssey, explains how the Greeks were able to defeat the armies of Troy through a simple trick. Having failed to conquer the walls of Troy through a 10-year siege, Odysseus decides to build a giant wooden horse as a tribute to the goddess Athena, fill it with soldiers in secret and pretend to leave. The Trojans think they have won the war and bring the horse inside, only to be defeated in the night by the hidden soldiers.

The story has come to represent anything that allows entry by strategy or cunning. Similarly, Blockchain has been waging war with mainstream adoption on the Internet of Things (IoT) for years. Use cases abound, but real adoption has remained low. Blockchain technology needs its own Trojan Horse, of sorts.

Disrupting electricity

Grid+, a spinoff from ConsenSys, aims to leverage the decentralizing power of Blockchain technology in order to allow consumers to access wholesale electricity markets. The goal for the company is to decrease costs, increase efficiency in markets and reduces pollutants caused during surge electrical use times.

Currently, consumers buy electricity from electricity retailers (a.k.a. utilities), and as much as 50 percent of the end user’s energy bill goes toward covering the retailer’s marketing, admin and bad debt costs. Grid+ has developed and tested a hardware device dubbed a “smart energy agent” that automates much of this work, allowing consumers to buy and sell energy at near wholesale cost.

The system would allow users the ability to monetize their wholesale electricity from external sources like solar panels, while at the same time, purchasing power from third party sources as well. Together, the overall savings would be substantial. However, electrical autonomy is just the first step in a larger plan.

Electrical horses

The Grid+ system is simple and user-friendly with an attractive and easy to use hardware component. Users will be able to use and store Blockchain assets including cryptocurrencies without ever knowing that Blockchain technology is at the root of the system. Users will not need to know or keep track of their private keys since Grid+ is using a novel sys