Ways to Save Energy On The Blockchain
Created on: April 02, 2019
Updated on: April 02, 2019
Within the last blog, we discussed 3 blockchain energy solutions that are starting to redefine the market in terms of energy trading and its uses.
In this article, we will discuss the overall benefits of various blockchain solutions within the energy sector. We will look at the benefits that you and the overall energy market will see once these blockchain solutions take off.
Back in the 1990’s we had a recession in the UK and it was a fairly long one and it started after the first iteration of the gulf war. Most of the 90’s consisted of a period of strife for a lot of people and it was during this decade the airline sector was disrupted by the low-cost airline phenomena and it sent out a message that said that the days of paying a lot of money to fly on a legacy carrier will change.
The blockchain is a disrupter and its key role is that there is tamper proof record keeping and the architecture is essentially a decentralised one. The blockchain will disrupt the energy sector by ensuring that those who operate in the intermediaries surrounding energy trading and distribution are wiped away. This will mean that the energy producers and the energy consumers will forge new relationships with each other.
Currently the trading platforms and the various brokers associated with energy trading won’t be needed at all and they need to think about different ways that they can earn a living.
The way that this can be done is through the use of a grid management tool and this can record energy flows to highlight anomalies within a peer to peer network. This tool will be automated and it uses the ability of pre-program smart contracts that can trigger transactions in an automated fashion.
We have all heard about consumers and how we consume products, this technology will culminate in a prosumer and this is someone or a group of people who produce and consumer a product at the same time.
The prosumer produces electricity and they sell it on their local grid or in the case of the UK the National Grid.
Their energy is fed in to the grid using a blockchain enabled smart meter and we can all benefit from trading the electricity that we produce using solar or wind energy to feed back in to our own local community. This will revolutionise the way we consume electricity in the not too distant future.
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