Once you have seen what P2P Energy could bring us, it can not be unseen. You start to see that same framework to be applicable in so many other contexts as well. But how can you apply P2P Energy within your company? How do you embrace this shift? What can you do to prepare, or is it better to wait for it to mature further?
In the past series, we have seen three challenges were holding back P2P Energy deploying on a grander scale. These forces have been the market, the law and the usability of current blockchain solutions. While all are valid points, how do you deal with them?
The Climate Change Value Proposition
The lure of P2P Energy is big enough that plenty of companies and parties are working to solve the known problems. On top of this attractiveness, there are some other benefits as well that make it an even more attractive proposition:
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Cheaper Micro Transactions: Blockchain enables such small transactions to take place and cost-effectively register them.
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Ensuring Power is Green: Blockchain enables a Renewable Energy Certificate that one can not tamper.
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Lowering Threshold for Entry: With reduced costs for administration, it allows smaller players also to participate.
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Easier Settlement: Less time spent checking the facts after the act, means more time available for actual value-adding activities.
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Climate Change: All these factors combined can increase the chances of us all to tackle Climate Change. More sustainable suppliers, increased certainty of sustainable sourcing and more time/attention spend on the core business instead of the administration of that business.
So what can you do at this stage? What are some of the opportunities out there? There are two positions really on an ‘axis of involvement’, depending on your situation what you can or should do balances between those two positions.
Wait and See
You could decide to sit this one out. Wait what the rest of the world cooks up and step in when the technology is sufficiently proven-and-used for your liking. It does not hurt your bottom line in the short term. And hopefully, you can time your entry just right so you won’t miss the boat by too much later on. An alternative might be to purchase the right solution/company at this later stage.
All in
You could go all-in, develop your blockchain solution, launch multiple pilots and try to attract others to join your program. You will get hands-on experience with the technologies that won’t work, and you might get the first-hand experience on the technology that will become a standard. Going all-in has never been for the faint of heart or risk-averse.
Balanced Approach
For most companies in the energy industry, a more balanced approach makes much more sense. It allows you to hedge your bets and share the development costs with other companies who are looking for the same development. A balanced approach is the main reason many corporates have chosen to join a Blockchain Consortia.
They are all looking for a solution with the same benefits, and it is only sensible to pool resources and develop it together. A consortium will make it harder in two ways:
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It takes time to set up such a consortium. Especially when you try to bring competitors together in the same ecosystem.
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It takes time to co-create. When you want to go fast, you go alone. When you want to go far, you go together. Although slower to create, once the jointly developed product, there are a lot more stakeholders who support the project.
Pick your Role
So should you wait idly for the future to arrive? Leaving you with no experience yet, except what you learn as a spectator? Or should you go all in? Be the trailblazer and hope the world recognises the strength and value of your new Blockchain solution.
Most companies in the energy industry benefit the most from finding partners and stakeholders to develop this new system jointly. The do by pooling resources and tackling the problems together. Are you looking for advice on what role to pick here?
