Blockchain: Green building blocks

FREE: How soon will #blockchain be adopted across the #energy sector?  #OOTT

  • Two years ago, we decided to open a new company, Grid Singularity, with the purpose of further developing the blockchain technology suitable for energy markets.
  • A. Bitcoin, which is a currency, was the first use of blockchain technology and is the most well-known.
  • Blockchain technology reduces transaction costs by keeping a single logical copy of transaction records.
  • It is a non-profit organisation whose mission is to accelerate the commercial deployment of blockchain technology in the energy sector and fund the development of core technology.
  • The internet is only a copy of existing business models, but blockchain means you can exchange information or contracts peer-to-peer, it’s a direct challenge to companies like Google.

A. I was a mechanical engineer, and worked for the energy group ABB in Austria for six years. I first dived into blockchain five years ago, working with bitcoin mining, and then I supported the development of Ethereum which received $18m in crowdfunding and then took one and a half years to build. It is still so far the most advanced blockchain platform. Two years ago, we decided to open a new company, Grid Singularity, with the purpose of further developing the blockchain technology suitable for energy markets.

Q. What is Grid Singularity, and why did you decide to start the company?

A. I was a mechanical engineer, and worked for the energy group ABB in Austria for six years. I first dived into blockchain five years ago, working with bitcoin mining, and then I supported the development of Ethereum which received $18m in crowdfunding and then took one and a half years to build. It is still so far the most advanced blockchain platform. Two years ago, we decided to open a new company, Grid Singularity, with the purpose of further developing the blockchain technology suitable for energy markets.

Q. Can you explain how a blockchain transaction works, from beginning to end?

A. Bitcoin, which is a currency, was the first use of blockchain technology and is the most well-known. With bitcoin, you are simply moving numbers in a transaction from left to right. Blockchain technology reduces transaction costs by keeping a single logical copy of transaction records. Once a transaction is requested, it is broadcast to a network of computers, verified by a series of validators, and then once complete, it is added to the existing blockchain of transactions, where it can never be removed or altered.

Q. Is blockchain 100% secure, and can we be sure of that?

A. The decentralised character and consensus engine makes it the most secure system in the world. Single entity driven systems require a trust premium.

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Blockchain: Green building blocks