We all know blockchain can be used in a wide range of capacity. Indeed it has found ways to be applied in Government, Agriculture, education and many more. Blockchain seems to be the next best thing for renewable energy. Renewable energy is seen as an energy that is collected from inexhaustible resources. These resources are those which are replenished naturally on a human timescale; wind, waves, rain, sunlight, geothermal heat, and tides. According to Wikipedia, renewable energy often provides energy in four important areas: electricity generation, air and water heating/cooling, transportation, and rural (off-grid) energy services.
Renewable energy with blockchain will help develop consumer-driven power generation. The technology is evolving taking the world to a new level for our energy supplies. Energy supplies have been highly dependent on centralized systems. The online-platform driven power generation will create innovative ways to improve how we interact with our energy systems and may reduce carbon emission. A Forbes listing has revealed the top five companies exploring Blockchain in view of renewable energy as:
Drawn from a tweet, this startup synergized with an independent energy provider enabling the opportunity for consumers to buy into their program using their own cryptocurrency. In their blockchain based platform consumers could monitor energy prices and adapt and diversify their energy portfolio off of their predictions.
Australia has a reputation for being a clean energy hub. An Australian startup, Power Ledger took the opportunity created by blockchain to help develop the country’s renewable energy market. This was done alongside being able to offer cheaper prices to local consumers. They have had a huge increase in personal solar power generation amongst Australian households for the past decade.
Acciona Energy and Iberdrola have both used the United Nations’ Sustainable Development Goals (SDG) as the foundation used to build a clean energy program. They have helped Spain transition to renewables by using blockchain technology. These are two of Spain's largest energy companies that have an opportunity to implement blockchain quickly with large-scale impact.
This company in the United States has used an independent utility company to which community members can contribute electricity via their own solar panels or electric cars to the microgrid for other residents to buy and trade. The interested consumer will be part of a grid where any excess energy will be stored amongst members of the grid. This gives the opportunity for Brooklyn consumers to practice self-sufficiency when it comes to energy.
The unique idea behind this company’s establishment is that it is focused on investment-driven solar installations. Some areas in South Africa are sun-soaked; the company identifies such areas being that solar panels could be at their most efficient there. The modules gotten are sold to private investors that can, in turn, lease them to local schools and businesses.
Efforts of these companies will certainly make way for other uncommon innovations.
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