Blockchain IoT for Smart Electric Vehicles
In the past few years, electric vehicles have revolutionized the automotive industry, paving the way for a sustainable future. An electric vehicle is a vehicle i.e. a car, bike, bicycle or truck, or bus powered using electricity and not traditional fuel (petrol, diesel). The main reasons for gaining interest in electric vehicles are the improvement in battery life and low pollution. Electric vehicles (EVs) have a battery rather than a petrol tank and an electric motor rather than an ICE (internal combustion engine).
In a recent study, The EV industry is estimated at a value of $400+ billion. It is observed that plug-in electric light vehicle (PEV) sales in 2022 were around 10.2 million units. The big problem with the electric vehicle at present is the lower charging infrastructure network. An adequate number of Charing stations are only available in big cities and not in village or small town areas. Because of this reason people in such areas skip buying an EV and go with the combustion engine vehicle.
Types of Electric Vehicles
There are many categories of electric vehicles (EVs), each operating on distinct power sources.
- Battery electric vehicles (BEVs) derive their power from rechargeable electric batteries. BEVs are distinguished by their emission-free operation and the absence of a combustion engine.
- Plug-in hybrid electric vehicles (PHEVs) are equipped with both an electric motor and a small combustion engine. They possess an electric range spanning from 20 to 60 miles and can conveniently charge at designated charging stations.
- Hybrid electric vehicles (HEVs) incorporate an internal-combustion engine and an electric motor that solely aids in low-speed operations. The battery can be replenished through either the combustion engine or recuperation during braking.
- Fuel cell electric vehicles (FCEVs) employ electric motors as their driving force. The electricity required is generated within fuel cells and can be stored in a compact buffer battery. FCEVs necessitate hydrogen (compressed into tanks) as their primary fuel source.
Challenges in the Electric Vehicle industry
With recent advancements in battery technology, the range of electric vehicles (EVs) has exceeded 200 km and is expected to further increase in the coming years. However, EV drivers are still prone to several challenges pertaining to battery longevity, charging time, and, particularly, charging station availability. Consequently, several pilot projects have been initiated to introduce inductive charging on specific road sections, such as parking areas, traffic light stops, or airport road segments for electric buses. Until this technology becomes widespread, EV drivers will continue to rely on fixed charging points.
One potential solution to address this issue could be the establishment of a decentralized network for battery charging or swapping, where users or charging stations can exchange energy or batteries.
Furthermore, such a decentralized network could also serve self-driving vehicles, which are an emerging trend in vehicle development. These vehicles must possess the capability to process vast amounts of information to ensure passenger safety at all times. Ideally, they should be able to directly communicate with other intelligent vehicles on the road and share data regarding traffic conditions, incidents, weather, etc.
Machine-to-machine (M2M) communication is necessary to achieve true autonomy. Considering that these vehicles are equipped with an array of sensors, they can be perceived as Internet of Things (IoT) devices.
To implement a decentralized IoT network of charging and swapping stations, which would enable even regular users to offer some of these services, certain essential information is required. This includes the type of batteries installed in electric vehicles, the possibility of battery swapping, the battery’s condition (charge cycles, health, remaining capacity, etc.), as well as the location and availability of charging and swapping stations. By using IoT & Blockchain that could be achieved, such a system can monitor battery parameters during driving and notify the user when a recharge is needed. As data security is essential in these systems, new strategies need to be employed to ensure high levels of security and reliability for IoT networks. Blockchain offers tremendous data security and traceability features.
Blockchain is a decentralized, tamper-proof digital ledger/distributed database that enables secure and transparent recording, verification, and storage of information. It runs on a network of computers or nodes, with every node in the data set having a copy of the entire blockchain. Each block holds either a transaction list or data. Once the data is added to the blockchain, it becomes nearly impossible to change or tamper with the data it contains. Blockchain immutability is achieved through cryptographic hashes and consensus algorithms. This technology has proven its importance and has been deployed in multiple areas, not just cryptocurrencies. Examples include supply chain management, smart contracts, and decentralized applications that are revolutionizing industries through trust, efficiency, and accountability.
The Internet of Things (IoT) is a network of physical devices that have the ability to interchange data without human involvement. It extends beyond computers and machinery, encompassing any sensor-equipped object that is assigned a unique identifier (UID). The main objective of IoT is to enable autonomous communication between devices and users in real-time, facilitating self-reporting capabilities.
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Advantages of using Blockchain IoT for smart electric vehicle (EV) battery management
Blockchain IoT offers several advantages for smart electric vehicle (EV) battery management:
1. Data integrity and security: Blockchain technology makes sure the integrity and security of data collected from different sensors and devices in an electric vehicle (EV) battery system. This serves to prevent data tampering and create a reliable and trustworthy source of information for battery management.
2. Transparent and immutable records: Every transaction or event related to the EV battery, such as charging, discharging, or maintenance, can be recorded on the blockchain. This approach provides an immutable and transparent and decentralized data storage of the battery’s lifecycle, allowing participants to verify the battery’s usage and performance in real time.
3. Efficient peer-to-peer energy trading: Through blockchain Internet of Things (IoT), EV batteries can engage in peer-to-peer energy trading. By autonomously negotiating energy transactions with other energy producers or consumers by using smart contracts, batteries can optimize their energy storage capacity and contribute to a more stable and sustainable power grid.
4. Enhanced supply chain management: Blockchain improves the traceability and transparency of the EV battery supply chain. Each stage, from raw material sourcing to manufacturing, distribution, and recycling, can be recorded on the blockchain, thus preventing counterfeiting and facilitating efficient recycling and disposal processes.
5. Incentivizing responsible behavior: Blockchain IoT offers a great feature by introducing tokenized incentive systems that are useful to promote responsible battery management. EV owners can earn tokens for sharing data on battery health and participating in energy trading, or utilizing renewable energy sources. These tokens can be used for accessing services, purchasing energy, or trading on cryptocurrency exchanges, thus creating economic incentives for sustainable battery practices.
Blockchain & IoT when combined together for smart electric vehicle battery management result in increased data security, transparency, efficiency, and sustainability, leading to a widespread adoption and successful integration of electric vehicles into the energy ecosystem.
Electric vehicles are the future of the automotive industry. Around the world, people are already choosing EVs instead of combustion vehicles as they are more smart and eco-friendly. But there are some cumbersome with the EV industry to overcome those challenges smart technologies like blockchain and IoT could be implied in the EV industry. EV industry battery management could be revolutionized using blockchain and IoT as the implementation of these technologies into the intelligent electric vehicle battery management can make managing EV batteries smarter, more efficient, and more secure as well as aid us to take very good care of the batteries, saving energy, and nurture sustainability.
As a result of the Internet of Things (IoT) and blockchain, electric vehicle (EV) batteries are managed by collecting data, predicting problems, ensuring efficient charging, enabling energy trading, providing transparency, improving security, promoting sustainability, and verifying ownership and warranties.
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PrimaFelicitas is a well-known name in the market, serving worldwide consumers by delivering projects based on Web 3.0 technologies such as AI, Machine Learning, IoT, and Blockchain. Our expert team will serve you by turning your great ideas into innovative solutions.
Last modified on August 22nd, 2023 at 2:36 pm