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How Blockchain Can Transform Energy

Blockchain will make energy distribution more cost-efficient and promote reciprocal energy relationship as excess energy can be given back to the source.

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What sustainability efforts have we really contributed? Apart from lowering down our energy consumption, is there any huge move that we have done to lessen carbon emissions? Solar panels placed on our rooftops could be a thing but as the climate continues to drastically change, there are a lot more efforts we should do.

Power is, categorically, what makes us alive every day. Given that processing this energy and transmitting it to the cable lines interconnected within our homes to the appliances that need its supply produces a lot of carbon, we should rethink the system now. But today, a technological transformation could make energy consumption greener – blockchain.

Blockchain keeps the transactions recorded through a ledger thus, it removes the need for a middleman in energy transaction as it allows neighbors to trade energy, and solar and hydro producers to connect with communities seamlessly to provide renewable choices. This system will make energy distribution more cost-efficient and promote reciprocal energy relationship as excess energy can be resold or given back to the source.

Aside from that, people can now manage their energy smarter as companies can now implement demand response options. By aligning incentives, this system will push people to care for their consumption thus companies will be able to deliver energy as a service to customers through automation.

Furthermore, blockchain will improve the interconnectivity of high-quality data between homes in which they can control their energy usage through smart devices. Moreover, when the grid needs to conserve energy, they can optimize the usage of electricity in public places or even homes, thus financial setbacks because of improper energy use will be avoided.

Blockchain technology will enable energy sharing economy and will provide greater opportunities for communities to exchange power when needed, reducing the need to rely on non-renewable sources all the time. This could be a greater leap towards achieving a more sustainable future than sticking around to conventional and to almost-no-effect solutions.

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Russel Cyra

Journalist. Engineering enthusiast. Filipina.


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