How Blockchain is Changing the Energy Industry
Even as other industries are swept up in waves of disruption unleashed by technology, the energy industry has been slow to embrace change. But the introduction of blockchain promises to speed things up and radically transform the industry’s processes and markets. As of this writing, there are two prominent use cases for blockchain in the energy industry.
The first one is in enabling a peer-to-peer energy trading model. The proliferation of Distributed Energy Grids (DERs) or independent renewable energy sources (such as solar panels) that connect to the grid has helped convert energy consumers into producers who are able to sell excess power back to the grid.
However, that process retains the existing dynamic of the electricity markets, centralizing the task of buying and selling energy under the control of the utilities. Bitcoin’s decentralized network could disrupt that paradigm and enable customers to sell excess power to each other within a given area. Several startups and utilities around the world have already developed pilots or are considering projects to test this possibility.
Another common use case for blockchain within the energy industry is the development of cryptocurrencies for monetary payments. Several utilities have already begun pilot projects to enable such transactions. In certain scenarios, the utility of blockchains goes beyond payments.
But this is just the start. Blockchain could lead to further changes within the energy ecosystem. For example, a distributed ledger with several energy consumers and producers could lead to multiple rates within markets instead of the single utility-set rate that is currently prevalent.
Rapid growth, speed, and continuation of technological advancement are changing the mechanisms of functionality and maintenance by involving technologies like blockchain, artificial intelligence and machine learning, progressive mining facilities, and more. With the primary shift involving renewables such as solar and wind generation, an expected increase by a factor of 60 and 13, respectively, from 2015 to 2050 is opening a vast landscape of opportunity within the energy sector.
Karvuon is planning to produce as much energy as necessary to fulfill the ever-growing appetite for its consumption, bringing energy to blockchain and other industries. With the rapid growth of blockchain, the technology itself is advancing at an alarming rate. The industry requires fuel to run on energy. the energy sector is already under a heavy burden from other industries, the blockchain industry needs a new energy source that is cheap, feasible, and sustainable. For this reason, Karvuon has positioned Mongolia as a land-rich country capable of producing abundant energy from its resources.
TWITTER: #Karvuon is planning to produce as much #energy as necessary to fulfill the growing appetite for its consumption, bringing energy to #blockchain and other industries. We have positioned #Mongolia as a land-rich country capable of producing abundant energy from its #resources.
