Blockchain is strengthening its presence across the different verticals of the industry. Since the time the technology first evolved to date, it has undergone a huge transformation. Many big names in the industry have joined the league of the companies that are exploring the different use cases for Blockchain. Amongst the different use cases of Blockchain, we will discuss how Blockchain impacts EVs ecosystem, and how it helps this industry.’
What is Blockchain?
This is a distributed ledger technology that once formed the underlying framework of Bitcoin exchange. It offers peer-to-peer interaction, allowing the two parties to directly interact with each other. Transparent, decentralization and immutability are the key features of Blockchain, making it useful for other business segments. So, how is the EV ecosystem going to benefit from this, let’s understand the same?
Blockchain and EVs
As Blockchain is to the field of technology, so is an electric vehicle to the automotive industry. With the rising inclination towards the environment, and the need to find an alternative to the fuel-powered vehicles, companies are now exploring other alternatives. One such example is that of an electric vehicle. These are battery-powered vehicles. And one needs to charge these batteries to make their EVs run seamlessly.
While many individuals have their private EV chargers, there are public places where you can find EV charging stations. Since this technology is still at a nascent stage, there is a requirement for a system that can ensure management of the same.
The conventional platforms, no matter how adept they are; are not strong enough to meet the challenges. Here Blockchain can play an important role. Let’s understand how this happens?
P2P Vehicle charging?
Yes, the world is now talking about P2P charging, which will be a key driver of change in the technology segment. One of the applications that we would like to quote here would be P2P smart contracts that will see steady growth in the future. Since our dependence on EVs will increase with time, so will be the need for such a platform where we can easily trace the presence of EV charging stations. One of the EV owners’ key concerns is that they might run out of battery, and then they would instantly need to find a local charging station. Long-distance travel can turn out to be a nightmare if you are during your EV and it runs out of battery. A lot needs to be done to establish the charging infrastructure for electric vehicles.
Blockchain-based applications can prove to be beneficial here. Individuals having private EV charges can share their charges with others. These P2P EV charging platforms can ml the private owners add the information on it, and once this data is uploaded, it relates to the EV users. The one interested in using the EV charger can directly connect with the provider and directly pay to them. This will prove beneficial for both the EV owner who wishes to charge their vehicle and the charger provider who can earn extra money from the EV charger. Since Blockchain platforms provide all the easily traceable and trackable information, the EV drivers can easily locate the charging stations in their vicinity. They can contact them if the need be.
This is just one of the examples where Blcockhain can prove beneficial for the EV owners. Electric vehicle manufacturing companies can also make use of Blockchain to make their supply chain system seamless. Many companies have taken this task seriously. One of the examples that we would like to quote here is of Share Charge platform. This platform is provided by the German firm Innogy Innovation Hub. This platform allows the EV charging provider to share the charging station using a mobile phone application and allows the EV drivers to find out about the charging stations in their area. The platform has around 1200 private charging stations registered in Germany available to EV drivers.
Another example is that of California’s eMotorWerks. It is the first US-based company to introduce the P2P charging to the market. Some other examples that we have here are Chrgemap, Easy park, Aeroenvironemn, and Charge. These are just a few of the many examples where Blockchain is finding a multitude of use cases.
In the times to come, we will witness a rise in the demand for Blockchain, and its use cases will expand its horizons of work and use in different industry verticals.
What makes Blockchain so useful?
Blockchain works in a P2P network, which nullifies the presence of third-party. It also makes the system faster and free from any bottlenecks which exist in conventional platforms. The same principle is being used in the P2P charging platforms. The EV driver can directly interact with the EV charging provider and directly pay them.
This is how Blockchain is slowly professional and making a strong impact in every field, with the rising number of use cases, we are also going to witness a rise in the Blockchain market, and so is the demand for Blockchain professionals is going to increase.
If you are looking for strong career growth, then this is the right time to enrol for the Blockchain certification program offered by the Blockchain Council.
The future will be about Blockchain and its myriads of applications, hence having a certification in this field will give you a competitive advantage over the others. So, enrol for Blockchain certification today.
