BLOCKCHAIN TECHNOLOGY FOR ALTERNATIVE ENERGY

Posted 04 August, 2020

Blockchain technology is not only known around the cryptocurrencies Bitcoin, Ripple, Ether, Dash and Co. No, it can also play an important role in the use of alternative energies in the future. Bitcoin and Co. were actually considered to be real energy guzzlers and wasters of resources due to their mining. The computing capacity required for mining is enormous, increasing due to the increasing popularity and the increasing number of transaction processing in the blockchain. Now the positive news: The blockchain can provide real support for future trends in the energy industry. Blockchain technology is perfect for the self-organization of the electricity market and the more efficient processing of contracts. The management of the enormous data streams with which the energy companies have to fight makes the organizational effort large and uselessly expensive. In order to work more efficiently, the companies can rely on the blockchain transactions so that the data flows actually regulate themselves. The advantage: Due to the necessary confirmation in the network itself and the fixing of the information, this entire process is almost forgery-proof and runs autonomously. This not only saves manpower, but also ensures that contracts are processed even faster. Sun Exchange secured a lucrative financial injection to expand the digital infrastructure for alternative energy supplies even more.

 

Manage solar and wind energy better with blockchain technology

 

A look at the structure, which is necessary for the generation of energy, shows why blockchain technology can play such an important role, especially with solar, wind and biogas energy. Nuclear and coal-fired power plants, for example, are bundled at a few locations, making energy distribution much more efficient. In contrast, the locations of wind turbines, solar fields or biogas plants are different, because they are spread over numerous locations in Germany or even Europe-wide. Efficient management is not only more complex, but also significantly more time and cost intensive. A cost allocation that end users have to pay. This makes alternative energies much more expensive, which not everyone wants or can afford. With the help of blockchain technology, the individual energy flows can be recorded and calculated in real time and forwarded to all participants (e.g. customers or energy partners) in a well-encrypted manner. There are already exciting pilot projects on this, as the “Enerchain” platform impressively shows. Here companies can trade their energies and gas, processed via blockchain technology.

 

RWE subsidiary tests payment with blockchain

 

The example of the RWE subsidiary innogy also shows that blockchain technology is no longer an abstract fantasy of the future. The three-month pilot project with the e-mobility wallet of the service "Share & Charge" started in summer 2019. Participating customers could pay with the cryptocurrency "DAI" on the entire German charging station network and experience the application of blockchain technology for themselves. To make it easier to get started, innogy even donated a voucher of 90 euros for 50 selected test customers after registration. The project not only provides information for the RWE subsidiary about the advantages and possible pitfalls when using Bitcoin technology. No, it is also a positive signal for many other companies, because innogy is regarded as the leading force for innovations in electricity and energy. Remarkable: The stock exchange is also open to such future technologies, because the price of innogy shares climbed significantly when the project became known in August / September 2019.

Previous story

05 August, 2020 10:10

← CHAINANALYSIS LAUNCHES MARKET ANALYSIS WEBSITE FOR EVERYONE

The blockchain analysis company Chainalysis has launched "Market Intel". A website that provides on-chain data for everyone.

CHAINANALYSIS LAUNCHES MARKET ANALYSIS WEBSITE FOR EVERYONE

Next story

04 August, 2020 09:35

GOLD IS GREAT BUT DON'T FORGET SILVER AND COPPER →

Experts and investors also see a strong catch-up potential in silver. Copper investments should not be neglected either. Therefore, despite the euphoria about the gold price trend, these two metals should not be neglected, says Jörg Schulte from Swiss Resource Capital AG.

GOLD IS GREAT BUT DON'T FORGET SILVER AND COPPER
Write a comment
 
Prove you’re not a bot + 20 = 39