Canadian University: Blockchain Can Solve EV Charging Trust Problem
The Researchers of the University of Waterloo, Canada just conducted research on how to Blockchain Technology can improve trust in electric vehicle (EV) charging systems. This development will not only show the possible solutions that Blockchain tech can provide but could also expand the charging infrastructure for electric vehicles.
Researchers found out that there is a lack of trust between charging service providers, property owners and owners of electric vehicles (EVs).
Using this new Blockchain-oriented system, when EV service providers look for property owners to partner with, the EV owners can see if they are been being overcharged and the property can also see if they are being underpaid. And with an open Blockchain platform, all parties can have access to the data to see if it has been tampered with.
When a partnership has been struck and charging points have been installed, owners of EVs can make use of it for a certain fee and the revenue stream from the charging stations is then shared between the equipment supplier and the property owner.
Property owners must trust that the provider would compensate them fairly for the electricity that would be consumed since the EV supply equipment will be operated by the charging service provider.
From the study conducted, researchers were able to discover 3 steps necessary to incorporate this Blockchain technology into the energy system so as to reduce the reliance on trust.
The First step is to identify the parties involved and trust issues they might be faced with.
Secondly, a minimal Blockchain system would be designed to mitigate these trust issues and this would include smart contracts.
And finally, with the trust-mitigating Blockchain in place, the rest of the system would gradually migrate from a legacy/Blockchain hybrid into a truly decentralized business model.
Researcher and PhD student, Christian Gorenflo, said:
“Mitigating trust issues in EV charging could result in people who have charging stations and even those who just have an outdoor outlet being much more willing to team up with an EV charging service provider resulting in much better coverage of charging stations.”
As we keep researching and building, in the end, we could have a system where there is machine-to-machine communication rather than people-to-machine.