Blockchain — The Saviour of the Energy Sector
One of the most striking aspects of blockchain is the idea that blockchain can replace existing authorities, for example, banks and governments with a distributed and decentralized network of trust, held in place by clever mathematics.
The blockchain is the shared database technology, and it is set to disrupt many industries in the coming decade. Cryptocurrency enthusiasts exemplify the success of Bitcoin and other blockchain-based cryptocurrencies as a sign of a trend, arguing that blockchain could have a similar impact elsewhere in society. This technology could remove the existing gatekeepers such as banks, governments and any other authorities with this peer-to-peer network of trust where actions are transparent and visible to all. It’s already ventured in banking and payments, but most people don’t realize that the very same technology can be used to solve major environmental problems that our planet is facing today. This breakthrough in technology if adopted globally, can even help stop or reverse climate change.
As permanent databases that are shared by a community without a centralized owner, blockchains are particularly interesting for environmental causes because of its decentralized and tamper-proof features. These features make tracking, verifying transactions and interactions possible, without the need for an intervention of any centralized authority. This significantly increases transparency, efficiency, and accountability of environmental projects.
Blockchain can achieve revolutionary results in the Energy Sector. The traditional power grids are usually centralized, dependent on a very small selection of power sources that can create inefficiencies in energy distribution, like having an unused surplus. The major problem due to this is that in natural disaster or poverty affected areas, power outages can leave people entirely without access to electricity.
A blockchain based energy system would reduce the need to transmit electricity over long distances, which can result in losses along the way. It will also reduce the need for energy storage. This type of trading can move electricity locally, from where it’s being produced in excess, to where it’s currently needed.
Power plant installations are costly and are often financed by governments or large private institutions and companies. A blockchain-based platform will enable institutional investors, corporate hubs, and consumers to get returns from directly investing in renewable energy installations locally or globally.
Windhan is a blockchain based initiative which is establishing a Wind power project to incentivize Wind installations in Kazakhstan. Moreover, it aims to create a platform for people to invest and trade in renewables and get a return on their investment.
Not only this It also lets you pay your electricity bills with WHN tokens Irrespective of your utility company and location.