Termed the most attention-seeking innovation after the internet, the disruptive ability of Blockchain technology exceeds finance (as seen in Bitcoin and other cryptocurrencies). It has the potential to disrupt every industry including the modus operandi of the energy sector. Although the energy sector is has been slow to adopt this awesome technology, thought leaders and active game players in the industry are beginning to look into how the technology can be channeled for the right use so as to take the industry to the next level.
Expert in the field believe that to keep accurate record of the amount of clean and renewable energy produced, authorities have to create working systems based on tradable certificates. With blockchain technology, accurate track record of the tradable certificates can be kept and solution can be provided to data management problems to help give us a more transparent, efficient and smarter energy grid.
Apart from this, since blockchain technology works on a peer-to-peer basis, it could completely revolutionize the way energy is bought and sold. Energy companies are looking at it to help reduce the cost of energy by disintermediating registries that meters the amount of energy produced before sending it to the consumers. Since blockchain is an immutable public registry of data, the amount of energy produced can be securely registered on it, thus leaving the deal between energy producers and consumers. This will help bypass the huge charge transaction cost charged by energy registries from both parties and help to drastically reduce the cost of energy.
It could also bring new revenue streams by opening way for citizens and independent operators to start trading renewable energy. For example, the electricity sector of the energy industry is still largely based on centralized power plants and stations that generates electricity and send them over long distances using power cables and distribution lines. However, in recent times, there have been a tremendously growing amount of independent operators producing smaller amount of power from rooftop solar panels and electric vehicle batteries that are distributable. The owners of these power generators and storage systems are however finding it difficult to maximize their value and make handsome profit from it. With Blockchain incorporated into the system, electricity producers can connect with consumers on a peer-to-peer basis and get paid immediately. This will enable them to have more funds to run and maintain a viable business.
It could also bring about the development of driverless cars, or as they are known in the industry, autonomous vehicles some sort of electrical driven cars referred to as self-driving cars.
With blockchain technology allowing the tracking of renewable-energy certificates and lots more, we are closer to a world where homes and buildings will be equipped with devices and software that automatically trade power to and from the grid on the basis of real-time price signals and this is exactly what Railz envisions. Railz is a blockchain-based next-generation protocol for a trillion machines to talk, negotiate and deliver the internet of things economy seamlessly. It also allows devices to reach optimal negotiated consensus autonomously on a ‘peer-to-peer’ basis. Thus bring us closer to the future we’ve always believed to be far away.
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