The stress on our environment due to the increasing pollution and the extraordinary rate of consumption of fossil fuels has left us with no choice but to move towards a safer alternative. There is no denying that Electric vehicles are the future of the automobile industry and slowly it is coming to emergence. Electric Vehicles (EVs) bring with themselves the idea of three-party architecture where power-grid, EVs and smart communities work together to build an energy management framework for effective and intelligent energy management in the power system.
The EV sector is projected to grow at a rate of 10–15% by 2020 with the major driving force being battery producers, innovative financial models, green power-generation businesses, eMobility providers among others. The EV sector is expected to grow into an industry of about $390 billion dollars by 2020.
The Innovative Solution
Electric vehicles serve as an exemplary alternative to fossil fuel-powered vehicles but it faces the issue of range anxiety (i.e. not being able to drive for larger distances due to availability of few charging stations since EVs are at the inception stage), non-transparency, and centralization of charging grids. These issues are the major hurdle in the mainstream adoption of Electric vehicles. Syn ledger with its innovative solutions tries to resolve these hurdles and provide a P2P marketplace where private charging station owners can share their batter energy to EV drivers in need.
Syn ledger implements decentralized consensus techniques and blockchain to coordinate the scheduling of distributed energy resources in a microgrid. It guarantees fair payment without the involvement of any third-party. The solution proposed by Syn ledger optimizes the instability of the overall grid system operation by controlling EV charging and discharging by considering the uncertainty of future events, charging profiles of EVs, future load demand of grids, etc.
The Syn ledger vision is perfectly articulated in the words of Mr. Mallikarjun Naidu, founder & CEO Of Syn ledger.
“ We aim to provide effective solutions to drive EV industry towards mainstream adoption by providing a p2p marketplace to overcome the problem range anxiety in EV charging space.”– Mallikarjun Naidu, Founder & CEO Of Syn ledger
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