Blockchain Technology in the Energy Sector

General Director of the Electricity Market Operator Mr. Vakhtang Ambokadze participated in the Conference “Blockchain Technology of the Energy Sector” organized by the Ministry of Economy and Sustainable Development of Georgia, USAID/Georgia and G4G, where the use of Blockchain Technology was presented as a prototype of an efficient payment mechanism in the electricity market. The Conference was attended by the representatives of Georgian government, the energy sector and international donor organizations.

In the case of the introduction of Blockchain Technology, participants in the electricity trading scheme will be an electricity market operator, a generator, a transmission system operator and a regulatory authority.

Within the framework of the Conference, Mr.Vakhtang Ambokadze, Director General of the Electricity Market Operator, and Mr. Georgi Abramishvili, Director of the Association for the Development of Renewable Energy of Georgia discussed prospects for cooperation between ESCO and GREDA for the introduction of Blockchain Technology on the trading platform. An agreement was reached between ESCO and GREDA to create a Blockchain Consortium.

The goal of electricity market liberalization is to create a flexible trading platform that will provide market liquidity and lower electricity prices by optimizing banking and human resources in the process of settlements between the electricity trading participants.