In the coming future, conventional fuel sources including petroleum would be completely depleted. As these are typically non-renewable resources, economists believe that soon the demand for these non-renewables would exceed the supply. This could trigger a major geopolitical crisis resulting from the supply-demand imbalance. Gas emissions from vehicles are a major cause for the rising air pollution. With the Indian government’s objective of reducing oil dependency while solving the challenge of energy scarcity, moving towards clean and renewable sources of energy is the top agenda.
With these increased attention to non-fossil fuel based IC engines and environmental concerns, the transportation sector has witnessed increased growth of the use of Electric Vehicles (EVs). Electric vehicles come with a number of benefits. They cause zero gas emissions, leading to reduced levels of air pollution.
An electric vehicle charging station is one of the most important elements in EV supporting infrastructure that is responsible for supplying electric energy for recharging plug-in electric vehicles and motors including plug-in hybrids.
Indian electric mobility market is at a nascent stage. However, State policies and public transport tenders are set to accelerate growth in the market. Support for public charging infrastructure to precede EVs and a clear government intention for private sector uptake have been a key growth driver for EV adoption globally. Falling battery prices is also contributing to the economical ownership of vehicles.
Even though EVs offer several benefits, there are several barriers to their widespread adoption. One of the key challenges is range anxiety, which means that the driver of an EV always has a fear of running out of battery while travelling over a large distance and about the unavailability of EV charging stations. Also, EV owners are worried that using the vehicle can significantly increase their electricity bill. Lack of easy availability of charging point infrastructure as compared to conventional fuel is the major deciding factor for vehicle buyers. To promote higher EVs adoption, research is being carried out to find ways to increase the number of charging stations.
Blockchain based P2P charging stations can be one of the solutions, as they offer multiple benefits. These charging stations can help in solving the problem of the shortage of charging points. In this model, anyone can participate, including public charging stations and private EV owners. Private EV owners can allow others to use their charging points when they are not in use. This will also reduce their anxiety over high electricity bills, as they can earn through this model.
Self-sovereign Identity is an identity that is owned and controlled by its owner withoutthe need to rely on any external administrative authority and without the possibilitythat this identity can be taken away. It can be enabled by a decentralized identity eco-system that facilitates the recording and exchange of identity attributes,and the propagation of trust among participating entities.
Using P2P EV charging platforms, private owners can make their chargers available for public use during the times they are not being used by them. In return they can earn some cash on the side from their idle charger by increasing its utilization.
This approach can also help make new EV manufacturers competitive. It will help the complete ecosystem of EV owners, EV manufacturers, EV component manufacturers, Grid, EV charging IOT devices, the software collaborator for Billing and Payment system, and even the public charging Infrastructure Developers and Owners in the most fairest possible way with removal of any third party intermediaries. It will also help a robust secure way of sharing of communication on the platform which is useful for all ecosystem participants for research and product and service optimization.
Blockchains are a promising approach for replacing a central trusted party. Unlike in case of roadside electric charging stations, which is a relatively new service, there is still a lack of trust in roadside electric charging. Unlike conventional fuel pumps, the cost is shown digitally, and the provider is rarely a well-known energy firm. Hence, car owners do not know if they are paying the right amount to charge their cars. Also “Energy services are increasingly being provided by entities that do not have well-established trust relationships with their customers and partners.
Secondly, the blockchain solution can be set up with smart contracts with the responsibilities of the parties that reconcile all transactions covering consumption and payment settlement in real-time or on the time scheduled as per policies. Finally, once the system becomes the source of trust, blockchain can be migrated to the larger car charging network over time.
Scalability with Privacy: The possibility of Internet of Things (IoT)
integration, where there is machine-to-machine communication rather than people-to-machine along
with best in class privacy Control. It can provide real-time information about parking space occupancy
and to locate the nearest charging station and reserve the charging slot.
Immutability and Audit
Blockchain is a decentralised database. A record system based on Blockchain not only stores data transactions chronologically, but also uses a complex cryptographic signature to ensure that each transaction is irrevocably linked to the last one.
Blockchain based P2P charging stations will directly contribute towards eliminating range anxiety from the EV ecosystem by giving integrated experience to EV owners helping them easily locate charging Stations , Identify and verify Charging Pole Credentials, Start & Stop Charging, Check real-time analytics of the charging status, Billing and Payment Systems Integration and better customer relationship management.