Blockchain For Power Equipment Manufacturers
Most of the Power Equipment Manufacturers and their customers have a lot to gain with Blockchain. At the very least, Blockchain, like the Internet is about to become ubiquitous. Like the internet your solutions will need to support Blockchain or at a minimum your solutions will need to operate on a Blockchain. Either way, Blockchain will be an enabler that will enable equipment manufacturers to deliver more capabilities and more functionality, at a reduced cost and optimized cost. Here are 18 use cases where Blockchain can be applied by Power equipment manufacturers:
- Improve Internal Operations – Use Blockchain to improve supply chain, track parts and assets, and streamlining industrial processes.
- Improve Quality Control and Independent Measurement & Verification – Provide a verifiable and auditable log of test data related to quality and to provide transparency to customers and regulators about quality of equipment and test results.
- End to end Parts Traceability – For guaranteeing customers that you are using authentic parts by creating a digital ID that authenticates and document the origin of parts.
- Reduce Liability issues – Issues related to moving parts and components from one place to another can be reduced. Any tampering, damage and lost parts can be avoided.
- Deliver chain of Custody – Provide tamper proof chain of custody.
- Ensure Compliance — Provide complete records for auditing and regulatory compliance purposes.
- Manage 360 degrees Asset Life-cycle management – Enable your customers (Utilities etc), to manage, track and govern the overall lifecycle of assets.
- Improved Customer Service with Condition based asset management.
- Perform proactive asset management – with reduced downtime by ordering replacement parts prior to failure.
- Smart Grid and Power Digitization – Leverage data produced by AMI/AMR Smart Metering to deliver next generation of customer services including improved Outage Management and reduce aggregated technical and commercial (AT&C) losses.
- Transactive Energy – Integrate Wholesale market with Distribution Utilities to deliver customers with calibrated price signals so customers can optimize their energy consumption and get more choices.
- Energy Conservation – Improve Energy conservation measures that improve energy efficiency in buildings and commercial customers including ensuring that there is traceability and verification of adherence to energy conservation building codes.
- Harness the data – Unlock the data produced by millions and billions of IoT devices.
- Solve Tech Challenges – With the emergence of IoT devices, Analytics, AI, Robotics, and upcoming 5G, there is an opportunity to leverage Blockchain in integrating these technologies across a single platform that becomes the basis for next generation of services and solutions.
- Prosumers and DER Integration – Enable the next generation of prosumers who are both producers and consumers of electricity. Facilitate the integration of DERs on demand.
- Provide behind the meter visibility to Utilities who are traditionally ‘blind’ to behind the meter equipment.
- Connected Home – Blockchain can be used to integrate the connected home with the main grid. This integration will complete the loop with an otherwise disconnected consumer and their home.
- Energy Management – Blockchain can be used to manage energy data, for benchmarking and for compliance reporting.