Indian blockchain startup Voltreum – new kid on the P2P block

Pune, India-based Voltreum is set to launch its Volt-X blockchain-based peer-to-peer energy trading application.

The company, which has been in development over the past year, has stated its goal as addressing “two of the most critical problems affecting humankind – increasing energy demand and climate change”.

Its first offering, Volt-X – like other P2P platforms – is designed to enable transparent energy trading between producers and consumers and thereby support the increased penetration of renewables and other distributed resources.

Volt-X is based on the Ethereum protocol with the energy efficient proof-of-stake on the Global Digital Cluster Coin platform and is built on a microgrid architecture to connect small neighbourhoods and residential communities in local distribution networks.

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Smart metering is an essential component and the solution is reported to have undergone extensive testing with the common architectures, including RF mesh, GSM, PLC, RF and 3G/4G.

“The Voltreum application and cryptocurrency hold the key to ‘borderless’ and ‘decentralised’ energy trading between smart grid-enabled individuals, companies, neighbourhoods, and even countries,” says Bhakti Vaidya, an information security specialist and a co-founder of Voltreum along with computer application specialist Rahul Awati.

“The Voltreum app, platform and cryptocurrency will help incorporate solar, wind, water and other sources of renewable energy on the same microgrid, thus facilitating the shift to clean energy that’s available on demand, which has become an urgent imperative on a global scale.”

While Voltreum’s ambition, outlined in detail in its new white paper, is global, its primary uptake initially at least is likely to be India. Microgrids are a key technology for electrification in the rural areas and many of the distribution companies are challenged with aged infrastructure and poor financial health.

Voltreum envisages that peer-to-peer energy trading is an important element in addressing the discom challenges and that its implementation can reduce their burden by allowing them to focus on improving infrastructure and supply.

Voltreum is currently developing a proof of concept, prior to a pilot in Q1 of 2023 and a subsequent ramp up later in that year.

The company also anticipates securing seed funding before the end of 2022.

Blockchain has been gaining growing interest in India and in the energy sector. Australia based Power Ledger has piloted various P2P projects, most recently with Tata Power in Delhi.