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Uniting Electric Vehicles with Blockchain

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By Abiodun Okunloye

Blockchain revolutionises industries with secure, transparent transactions.

Electric vehicles (EVs) are leading the way in revolutionising the transportation industry. Additionally, blockchain technology is revolutionising multiple industries by offering secure and transparent transaction capabilities. This narrative explores the captivating connection between electric cars and blockchain technology, investigating how their collaboration influences the evolution of eco-friendly transportation. Addressing climate change is a pressing issue that strongly emphasises the importance of sustainable transportation worldwide. The shift from internal combustion engine (ICE) vehicles to electric vehicles powered by renewable sources of electricity is critical to reducing greenhouse gas emissions.

EVs are becoming increasingly popular as big car manufacturers manufacture electric cars. Governments offer subsidies and stricter emissions rules to encourage people to switch to EVs. The fact that EVs operate quietly and produce no emissions appeals to consumers who care about the environment. Advantages of electric vehicles include decreased operating expenses and lower levels of greenhouse gas emissions. Yet, challenges such as sparse charging infrastructure, lengthier refuelling processes, and the ecological consequences of battery manufacturing must be resolved to promote their widespread use.

Transactions are validated via consensus mechanisms like PoW and PoS.

Also, blockchain is a revolutionary technology that allows transactions to be securely recorded on a decentralised network of computers. Every block in the chain stores a group of transactions, forming an immutable activity timeline. It stands out for its transparency, immutability, and security. It ensures data integrity by recording transactions to prevent any changes. Moreover, the validation of transactions is carried out through consensus mechanisms such as proof-of-work (PoW) and proof-of-stake (PoS). The versatility of blockchain technology has expanded its reach to industries beyond just cryptocurrencies. Sectors such as supply chain management, healthcare, finance, and sustainable transportation utilise its unique capabilities. This technology’s key benefit is the creation of trust in peer-to-peer networks.

In addition, blockchain technology enables the creation of intelligent charging stations that adjust charging schedules according to the current electricity demand and prices. This maximises resource utilisation and reduces expenses for electric vehicle users. Using the technology, decentralised energy management enables electric vehicles to interact with the grid and determine the most economical and eco-conscious charging options. Electric vehicles create a large volume of data, which includes information on their whereabouts, charging habits, and battery conditions. It also prevents unauthorised tampering or security breaches, allowing users to pay using either cryptocurrencies or traditional currencies.

Bi-directional EVs store excess grid power, redistribute during peaks.

With bi-directional charging capabilities, EVs can function as energy storage units by storing excess power when the grid is abundant and redistributing it during peak demand. This not only helps stabilise the grid but also has the potential to generate income for EV owners. Blockchain technology creates a platform for EV owners to engage in peer-to-peer energy trading, allowing them to purchase or sell surplus energy without intermediaries, ultimately shifting the energy landscape towards decentralisation. Through Power Ledger’s innovative blockchain technology, individuals can participate in a unique energy trading system. European e-Mobility project is also focusing on creating a comprehensive ecosystem that links electric vehicles, charging stations, and renewable energy sources through blockchain technology.

Moreover, the Energy Web Foundation is revolutionising the energy industry with a custom-built open-source blockchain platform. This cutting-edge platform is designed to facilitate the creation of decentralised applications (dApps) that improve electric vehicle charging networks and streamline energy consumption. Scalability problems plague blockchain networks, resulting in slower processing speeds than conventional systems. Resolving these issues is crucial for achieving widespread acceptance within the high-speed EV charging industry. The rules governing the use of blockchain in electric vehicles are constantly changing. Governments must tackle privacy, compatibility, and uniformity concerns to create a safe and lawful setting.

Related Article: New electric vehicle charging station at UNN 

Promoting the production and spread of eco-friendly energy is crucial for establishing a sustainable transportation network. The potential for a cleaner and more efficient transportation system in the future lies in the continuous progress of blockchain technology and EV technology. This ongoing research and development can pave the way for a sustainable and improved mode of transportation. Those technologies are joining forces to transform the way for sustainable transportation. As more people switch to EVs, blockchain will play a vital role in improving charging stations, protecting information, and facilitating new V2G connections.

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