Globally, more than 8 in 10 people believe that the world should be fully powered by renewable energy. And yet the top three sources of energy are oil, coal, and natural gasses, some of the most damaging limited resources on the planet, with renewables take up just 3% of worldwide energy consumption. While technologies for clean energy are growing every year, truly going green is not a viable choice for every household. Regulated markets allow the power companies to operate as a monopoly over energy infrastructure, generation, and distribution. But what if there was an opportunity to give the power back to the people? Blockchain technology may just be the answer.
A potential foundation for a consumer-based energy market known as the Blockchain Smart Grid could revolutionize the way we buy energy. Capable of tracking and connecting networks of electricity generation and usage from various sources, customers would have the ability to choose the greenest option for the lowest rate. This could mean clean energy sources finally reaching areas that never had opportunities for access before as demand increases supply.
Much like how Blockchain operates within the cryptocurrency industry in terms of peer to peer transactions, the same principles can be applied to our energy needs. Blockchain smart grids can give consumers power over their power sources. It’s a great solution for developing countries, where the last mile problem has yet to be solved – building a smart infrastructure that gives people choice can stabilize unstable markets.
Going green isn’t as simple as slapping a few solar panels on the roof and calling it a day; it’s a global community effort. More than one in four people believe that individuals should take the lead on energy issues, but it’s not always cost-effective. Take a look at this infographic from Lition for more on the state of our energy needs, how digital and energy technologies are keeping up with those needs, and how blockchain can influence