Canadian University: Blockchain Can Solve EV Charging Trust Problem

CoinTelegraph

Researchers at the University of Waterloo in Canada have used blockchain technology to improve trust in electric vehicle (EV) charging systems, reported academic publication portal EurekAlert on Aug. 14. This development could increase uptake and expand the overall charging infrastructure for electric vehicles.

New ventures have no established trust relationships

In general, an EV charging service provider will look for property owners to partner with and install charging points. Owners of electric vehicles can then use these for a fee, which is shared between the equipment supplier and the property owner.

The supplier runs the equipment, so the property owner must trust it to compensate fairly for electricity used. Equally, the EV owner must trust that they are not being overcharged for the service.

Binance Banner  

This is exacerbated by the fact that it is a very youong industry, with no established structure of trust. An open blockchain platform will let all parties access the data to see if it has been tampered with.

The added benefit of blockchain

The researchers established three steps to incorporating blockchain into the system to reduce the reliance on trust.

First is to identify the involved parties and what (if any) trust issues there may be. Second is to design a minimal blockchain solution to mitigate these trust issues. The blockchain should closely mimic any parts of the legacy system, which need to be replaced. Dependencies can therefore continue to work with minimal modification.

Stage three is a gradual migration from a legacy/blockchain hybrid into a truly decentralized business model.

Researcher and PhD student, Christian Gorenflo, said:

“Mitigating trust issues in EV charging could result in people who have charging stations and even those who just have an outdoor outlet being much more willing to team up with an EV charging service provider resulting in much better coverage of charging stations.”

Last year, a Singapore-based startup launched a fleet of blockchain-enabled electric vehicles which mined cryptocurrency while you drive.

Go to Source
Author: Jack Martin


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.