The Energy Token business case

At the moment, the energy sector is heavily regulated and enjoys a certain lack of transparency. Furthermore, the new EU regulation states that prosumers (a consumer who also produces energy) as a new way of producing and consuming energy are very important. With new technologies, such as distributed ledger technologies, the opportunities are endless.
In the current metering & allocation setup, every commercial grid connection has a meter and associated allocation point. Balance responsible parties (BRPs) are responsible for maintaining supply and demand on the energy market within their portfolio. Together, all BRPs represent all connections within a scheduling area (for example, the Netherlands).

As the BRPs work on expected production, consumption, and external trade, differences between supply and demand may occur using reconciliation to correct the disparity. New technology, such as smart meters and DLTs, allow for real-time energy allocation based on actual energy consumption.

This use case aims to develop the infrastructure that supports an energy token and embed this in the currently available infrastructure.

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Creating one digital journey for entrepreneurs with minimum interference of a notary, that is the goal of this use-case. A pivotal piece of this exercise is to be able to create the first fully digitized shareholders register that allows trading shares without any notary interference at all (in a fully legal and compliant way).

As the European Parliament just passed new legislation stating that from August 1st, 2021 every European country has to offer full digital incorporation of limited companies, the Netherlands feels the pressure. In the Netherlands, we currently have rigid notary structure used to incorporate limited liability businesses (Dutch: BVs) and to trade its shares. With this new legislation, the European Parliament has set a timetable on the digital incorporation of companies, digital shareholder registers and digital transfer of shares.

The Digital Notary use-case has been established to find a way to change the standard on corporate structuring and the trading of private shares. In the future, those wishing to establish a new company will now be able to do so in a fully digital and affordable way. Various partners have come together acknowledging the same problems that exist today: the process of incorporation and transfer of shares of private limited companies is too cumbersome, expensive, and time-consuming (in the Netherlands). To be clear, this does not mean that this use-case aims to remove a notary, but rather envisions a different role. 

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The persistent progress of technology brings many opportunities to improve traditional industries as current approaches need to be rethought. This can also be applied to the energy sector. New innovations, such as blockchain and the internet of things, make energy systems smarter and enable consumers to better benefit from energy services. This increasing digitization has the potential to transform how people engage with these utilities, by bringing control and transparency back to the end-user.

Together with several parties, the working group of this use-case aims to create an Energy Token. Curious? Listen now!

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On the 12th of April, we hosted the first podcast in our ‘Introduction to our use-cases’ series. Together with Arnout Buschenhenke (ABN AMRO) and Digital Asset, this podcast explains all about our use-case Invoice Market.

You will learn more about what an invoice market is and how we aim work on tokenizing this market. 

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