Blockchain Initiatives that will transform the Energy Sector
We have all heard about the new yet revolutionary role Blockchain is having in the Energy sector. In our previous article, How is Blockchain transforming the Energy Sector, we had a look upon how Blockchain has entered the Energy sector and is slowly captivating the power and utility sector as well along with the other industries.
In this article, we shall look more upon the projects that are out to explore the huge opportunities that come with Blockchain to confront the world’s energy problems.
The demand for energy is at its peak and is destined to grow each year. There are still countries that suffer from huge power outages and shortages and this situation might get a lot worse before it improves. Fortunately, blockchain is here to provide the solution for the same.
A few blockchain projects that are gaining huge popularity are discussed below.
Power Ledger
Power Ledger is the first blockchain-based platform that allows users to trade energy. It operates on a distributed peer-peer network and enables users to automatically sell or buy electricity that is harvested through solar panels. If your solar panel has some unused extra power stored, it would automatically sell a predetermined amount to another powerhouse network within the Power Ledger network.
The transactions that happen over this network is done using their native token, POWR. This project is still at an early stage and is looking for more strategic alliances in 2018.
Grid+
Grid+ project is set to include a smart energy agent in the energy sector that is powered by the network’s artificial intelligence hardware. This agent can be placed in user’s home and can anticipate their energy demand. This can also look into the various energy markets and help the users buy power automatically from the cheapest available player.
The purchases happen in the background automatically at the best possible rate, which is why the user need not worry. Grid+ can also allow users to stop energy safely after harvesting it and sell it when the price is suitably high. The transactions here are done via their native token, BOLT.
eCharge
The eCharge project has been designed to implement a decentralised network of electric vehicle charging stations loaded in the Middle East and Europe. Using the eCharge app, users will be able to easily find hotels equipped with charging facilities using their native token, ECH.
They are currently targeting the German and Australian markets and have been able to install their equipment in almost three hundred hotels and are planning to speed up the installations. Electric cars will gain a lot of popularity in the years to come, which is why the eCharge projects seem really promising.
Electron
Electron plans to implement a decentralised network for natural gas and electricity metering. This will allow users to change from one source of energy to another efficiently. This will also enable the utility companies to comply with the future regulations that would require regular upgrades as and when there are changes being made in the metering system.
Once implemented, the Electron network is set to make the existing system more efficient and reduce the downtime between two utility sources from several days to just a few minutes.
In conclusion, there is no doubt that the blockchain has a lot of scope in the energy market and being a new sector, there are a lot more no opportunities that are yet to come up and serve this industry in ways no would have imagined.
Keep reading our blog to know more about the different ways Blockchain can work in the energy sector.
