5 Reasons why the Internet of Energy will rescue Blockchain Technology and Cryptocurrency

KWHCoin
KWHCoin
Sep 5, 2018 · 4 min read
The shift towards a carbon-free global energy system will enable the developed world access to local, more affordable and cleaner energy access and distribution networks.

There are two major revolutions or shall we say “evolutions” that are driving innovation and economic growth in the 21st century. The first is the rapid development and deployment of the internet as a medium to interconnect the world and standardize protocols, communication, business development and social interaction. The second is the hurried shift towards a carbon-free global energy system focused on the elimination of fossil fuels and carbon intensive energy generation processes.

If you combine the two technological innovations you get the “Internet of Energy”.

Millennials who participated in the World Economic Forum’s Global Shapers Survey 2017 believe climate change is the most serious issue affecting the world today and “will take drastic steps” to address this even if it means “curbing their lifestyle”.

https://www.businessinsider.com/world-economic-forum-world-biggest-problems-concerning-millennials-2016-8

Blockchain and cryptocurrency startups are facing serious challenges from the market in regards to there “real world application” and feasiblity to develop the “killer app” to justify the hype for the last 2 years. This brings us to the topic of this article and the points for clarity below.

So hear goes the 5 reasons the Internet of Energy will Save Blockchain and Cryptocurrency…

  1. Global Demand for Clean Energy is Going Parabolic

There are currently 1.2 billion people in the world without access to electricity globally and more than 700 million (estimated) to have unreliable and dirty energy sources. According United Nations estimates, the global population will grow by more than 2 billion people by 2040 and most of this growth will center on areas dealing with energy poverty.https://www.un.org/development/desa/en/news/population/world-population-prospects-2017.html This provides clear opportunity for blockchain projects to add value by meeting the technological and intense data driven solutions necessary to face these challenges.

2. Centralized Grids are relics of the 20th century and are outdated and expensive

According to the IEEE over $106 billion was spent on grid modernization efforts in the United States alone. Joshua D. Rhodes, Postdoctoral Researcher of Energy at the University of Texas at Austin, has estimated that currently the depreciated value of the grid — including power plants, wires, transformers and poles — stands at between $1.5 trillion and $2 trillion. Defining the ‘grid’ as including power plants, transmission lines, distribution lines, substations, and transformers, Rhodes has calculated that the replacement value of the U.S. electric grid is $4.8 trillion. A decentralized grid solution integrating distributed energy resources and software is the solution and blockchain technology, with the enabling of token models will pave the way for this.

3. Energy Data, data, data, data and more data

The energy sector is probably the most data intensive domain in the economy. The increasingly complex and decentralized energy landscape is generating huge volumes of data. Blockchains can manage this with structured databases and cryptocurrency can enable the value to be adequately assigned. This will lay the foundation for a dynamic green economy driven by real time data for assessment of energy needs, peak volume usage times, peer to peer energy trading, compensation and investment platforms and deployment of more distributed energy resources.

4. Localized Energy Generation and Distribution

The rise of smaller scale distributed energy resources such as solar panels, electric vehicles, wind farms and CHP will localize energy generation and provide basis for a new system of distribution. Blockchain applications, with a much higher security mechanisms, can manage this process drastically reducing the dependence on fossil fuels, carbon intensive distribution methods, and promoting energy independence.

5. New Green Economy (Be Your Own Energy Company)

Using the internet as a rail for the distribution of energy, combined with the deployment of distributed energy resources for generation lay the foundation for a dynamic new economy. Imagine with a simple click you can purchase or trade energy directly with your neighbor. This drastically reduces the carbon footprint and is framework for a circular energy economy that will empower local communities, villages, businesses, schools while promoting environmentally friendly behaviors and policies.

All in the blockchain community are looking for the “killer app” to give blockchain and cryptocurrency credence. Energy and the decentralization and the localization of energy generation will provide the stage. Can blockchain evangelists, crypto heads, developers, pundits and all of the above deliver?

KWHCoin

Written by

KWHCoin

KWHCoin is a cryptocurrency developing the physical and digital assets to deploy the internet of energy and power billions with renewable energy access.

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