Intelligent electricity meters provide benefits for energy producers and end users alike thanks to improved data collection. However, if these smart meters are not properly secured, hackers could have large-scale access to sensitive customer data. The German Energy Agency (dena) and the European School of Management and Technology (ESMT Berlin) have released a publication , which shows that blockchain technology could make smart meters more secure. Blockchain can prevent security gaps by acting as a decentralized transaction log and can also create the conditions necessary for peer-to-peer trade, whereby local energy trade is made possible thanks to major energy suppliers.
This prosumer principle has already become reality in the New York borough of Brooklyn, where the owners of solar energy systems are selling their electricity to other households in the neighborhood. The technical basis comes from the blockchain trading platform, Transactive Grid, developed by the LO3 Energy start-up and given significant support from Siemens.