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Blockchain Uses in Energy

Blockchain technology uses in energy can provide more accurate and transparent data and easier transactions on the wholesale market. Ledgers provide detailed energy data, so users have visibility into usage and renewable energy sources. Trad

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ing energy using blockchain in a decentralized environment could revolutionize the way we buy, sell and pay for power.

This unique opportunity for consumers is still in its infancy, but cryptocurrencies like Bitcoin have become household names. As consumers become more comfortable with decentralized, peer-to-peer transactions, the greater role it will play in the utility sector. Regulatory hurdles exist and need to be addressed to enable a larger, decentralized energy supply system. However, it seems necessary for the grid and distribution to be modernized in this way.

Blockchain technology provides end users the means to transact directly with producer(s) of power and with each other. Imagine eliminating the need for energy traders, banks, and several other layers of cost that are currently burdening energy consumers. Additionally, blockchain is a completely transparent and arguably more secure system for everyone to operate in.

Blockchain for Energy in the Real World

The Brooklyn Microgrid is an energy marketplace developed by TransactiveGrid enabling residents to be part of a “solar cooperative”. This illustrates the real world application of blockchain technology in a community setting. Brooklyn Microgrid provides members a choice in what energy sources they use. Consumers simply download a mobile app to pick an energy source and set a daily budget limit. The simplification of any process leads to greater adoption and mainstream use. This marketplace, which also supports the local community, is a model for other cities.

As technology becomes more widely accessible, and new generation sources are put in place, blockchain remains an inevitable part of our energy future.

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Accenture Logo
Accenture

Harness Blockchain with real-world applications from the leaders in distributed ledger technologies. Read More

Brooklyn Microgrid Logo
Brooklyn Microgrid

Brooklyn Microgrid (BMG) is a peer-to-peer energy marketplace for locally generated, renewable energy. BMG seeks... Read More

Grid Plus Logo
Grid Plus

GridPlus Lattice1 and SafeCards use uncompromising security to enable the most secure cryptocurrency storage ever... Read More

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LO3 Energy

LO3 Energy is developing blockchain based innovations to revolutionize how energy can be generated, stored,... Read More

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Power Ledger

Power Ledger has created software that allows for peer-to-peer energy trading from rooftop solar panels. Read More

WePower Logo
WePower

WePower is a blockchain-based green energy financing and trading platform. It helps renewable energy producers... Read More

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