Sep 14 Gerda Verbickaite
So how can the blockchain technology improve the energy sector?
The current process of energy generation, transportation and selling is highly inefficient, resulting in us paying a higher price. Blockchain technology could change all that by improving our electricity data management, automating the process of energy verification and energy transmission from and to the main grid.
Implementation of these systems could also open new doors to small private renewable energy producers as well as encourage more communities to switch to solar panels or wind. Blockchain will allow electricity producers to trade energy peer-to-peer, allowing them to sell in real time, get paid instantly. In contrast, the traditional way energy is sold is much more complicated: producers sell the surplus energy to a bigger energy provider, the provider transfers it to the main grid and sells it back to the consumer. Blockchain could remove the middleman from the process and allow consumers to buy directly from producers at the best price.
It is interesting to remember that by integrating blockchain technology in electricity industry we could also potentially reduce the amount of energy wasted in transit. That would be especially the case for micro-grid communities, who would produce and trade electricity between one another within their micro-grid.
In the past years, the number of private individuals using solar panels has been increasing. This trend only seems to continue to grow, making more people around the globe part of electricity producers, with an energy system created to support few larger producers instead of millions of small ones.
With the usage of blockchain technology the providers would not be as dependent on the centralized system anymore and instead would be each able to sell their surplus energy directly to the consumer. Blockchain integration in the energy sector could help to put the power back in the hands of the people.
In the past years, more companies and projects have been utilizing this technology, such as LO3 Brooklyn Microgrid project and GRID+. Brooklyn Microgrid project has created a neighborhood network in which solar energy producers are able to sell their surplus energy directly to the consumers in their neighborhood in an automated process. The surplus energy is stored in the batteries until it is either used by the owners or sold. GRID+ works on a similar principle, where it allows its users to automatically sell and buy energy from one another, helping the providers to sell and providing cheaper and clean energy to consumers.
In the future, we will be able to sell and buy energy as easily as we buy other consumer goods.
Blockchain technology integrated into the energy sector could increase its resilience towards hacker attacks and energy production disruptions. The current energy grid system can be hacker into relatively easy and happens once every while, cutting electricity from neighborhoods for hours.
By incorporating blockchain into the energy grid we could add an extra security layer, making it almost impossible to hack into.
Areas which are affected by rough weather conditions, disrupting energy transit via the energy grids could also benefit from the blockchain technology. The decentralization aspect of it helps prevent the magnitude of catastrophe, where instead huge neighborhoods or cities losing electricity due to certain conditions, only a small area, which was directly affected by the natural disaster would temporarily lose energy and the rest of the grid would still be able to move electricity between one another and even possibly back to the distressed area.
Slush talks a lot about the different phases of founding a startup. We talk about building, scaling, growing, recruiting, funding and everything in between. All of these things are essential, but to understand the relevance of everything we do, we should also look into the very DNA of what a startup is and where they […]
Sustainability. A big, scary word to wrap your head around. It encompasses such humble goals as fighting climate change, providing safe and humane living conditions for all, maintaining biodiversity, eliminating toxins from our ecosystems, and generally just making sure that humans have a better, safer, fairer world to live in now and in the future. […]
Described as “the most connected digital entrepreneur in fashion” by Vogue and as a ”force of the fashion industry” by Financial Times, Siberian born Miroslava Duma is an entrepreneur, a digital start-up investor and the founder of several ventures. We are extremely honoured to announce, that just about in a week, she will arrive in […]
This article is the third one by our guest writer and speaker, Allen Bargfrede. In this piece, he takes a look at the streaming industry, at an industry growing and driving growth within music. “Alexa, play some Tom Waits.” That’s how my children will grow up interacting with music. Streaming has changed the game, forever, […]
For the third year in a row, the Slush GIA Pitching Competitions were organized from June to October together with our local program partners in 20 countries all around the world: Kosovo, Serbia, Palestine, Lebanon, Jamaica, Mexico, Brazil, Argentina, Tunisia, Ethiopia, Mozambique, Kenya, Tanzania, South Africa, Zambia, Sri Lanka, Bangladesh, Vietnam, Nepal, and India. The […]
At Slush Singapore, we are happy to announce we are taking sustainability on a new level in the Singapore event sphere through new partnerships and by reforming our recycling systems. By offering city biking as an alternative way to move around town, serving sustainable coffee and encouraging people to reduce the amount of their drinking […]
Pursuing sustainability in event production can be hard. Firstly, there are only a few references and shared best practices available. This is why often the only way to push sustainability initiatives forward is through trial and error. Secondly, the bigger the event, the harder it is to find suppliers that are able to provide you […]
Sustainability is one of the core values of Slush and therefore Slush actively explores ways to decrease the ecological footprint of the event. The aspect of environmental sustainability has been integrated into various aspects of the event production, such as favoring recycled materials in venue props and collaborating with like-minded companies. The world is full […]
Make sure to secure yours now.
We collect cookies to make your experience here smoother.