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Smart contracts are executable programs that make changes in the ledger and can be triggered automatically if a certain condition is met, such as if an agreement between the transacting parties is honoured . Contract terms are recorded in computer language encoding legal constraints and terms of agreement. Smart contracts are self-enforceable and tamper-proof bringing about significant benefits such as removing the intermediaries and reducing transacting, contracting, enforcement and compliance costs [ScienceDirect]
Smart contracts and automated transaction execution allows for real time settlement of payments for water, gas and electricity. The solution aims to overcome issues experienced in developing countries with delayed payments, debt and large numbers of unbanked population. In this vein, SunChain, a TECSOL startup that collaborates with Enedis, uses blockchain technology to certify, validate and automatically execute transactions between consumers and energy producers. Smart meter data are recorded in distributed ledgers, which can be shared with distribution network operators and energy suppliers and can result in traceable green energy generation and accurate billing [ScienceDirect]
After watching this video you must be thinking what is the use of this in energy sector? In distributed energy network (where small companies or individual households produce and sell their energy) smart contract can enable easy energy transfer and payment. With the smart contracts the costumer can be sure about the energy is generated in a clean way with low carbon footprint without any middleman and frauds.
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