Blockchain and Energy

Step into your house. Step into a store. Are you looking at lamps? Computers? Coffee machines? Now go outside the store; go outside your house. Do you see street lights? Cars? The list could go on and on but — well — you get the point.

We’re talking about everything our modern society evolves around — something that is essential for most all our lives.

We’re talking about energy.

What if we told you that market is going to change — is already changing? What if we told you blockchain is infiltrating and very possibly threatening to dominate the energy market. A little scary?

Not really.

It’s actually a big step toward the future.

In fact, it already has already started. Two years ago, a solar panel company became one of the first to sell energy using Etherum smart contract. This was just the beginning. Around the same time, blockchain was applied to an energy trade in Amsterdam. Such cryptocurrency, blockchain trades are continuing to grow.

But wait — you say. There have to be problems — things we need to consider before diving deep into a blockchain based energy market. True enough. In fact there are a couple prime consideration that should be addressed before we begin transforming the energy market as we know it.

Cost is an obvious consideration when dealing with new technologies in energy. There’s many arguments against applying blockchain due to the higher cost, but blockchain experts have combatted this argument with methods of reducing the cost and energy use of blockchain itself, making it a viable alternative to the current energy system.

Of course, many are worried about the potential scalability of blockchain, but experts in the field have once again come to the floor with proof that blockchain is indeed applicable and with a bit of privatizing scalability will not prove an issue.

Data. Well, this is actually more of an issue for energy companies not using blockchain. The energy industry requires an immense amount of data storage with increasing regulation, cyber-attacks and much more; energy companies find themselves in a pit of data that they must store and authenticate. Yes, you got it. Blockchain is that solution for validating all those swaths of data that are costing the energy industry much time and — yes — energy.

With each potential problem raised by blockchain naysayers, experts seem to provide ready-made solutions with little difficulty. There may always be complications when applying new technology, but, let’s be fair, we always find solutions.

Ready for the future of the energy industry?

We are.