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.
Continue reading “Blockchain: Green building blocks”

Could a blockchain-based electricity network change the energy market?

  • The intense data processing required by blockchain pulls in an extraordinary amount of electricity, and widespread use of it would drag global energy markets into the abyss – and bring the world’s carbon emissions budget down with it.
  • They range from the big, such as the 10 major utility companies joining the Energy Web Foundation’s efforts to identify and roll out blockchain energy solutions, to the small, such as US startup LO3 Energy’s launch of a blockchain-enabled green energy microgrid in Brooklyn later this year.
  • Similar to LO3 Energy’s offering is that of Australian company Power Ledger, which has developed a peer-to-peer energy trading model that works around utilities companies using blockchain in much the same way that bitcoin traders dance past the banks.
  • By making rooftop solar even more economical and maximising use of the power it generates, Martin hopes blockchain-enabled peer-to-peer energy trading will help lower carbon emissions while raising energy capacity.
  • In Australia, Power Ledger also predicts legislative changes will be needed to pave the way for blockchain, or any kind of peer-to-peer energy trading for that matter.

Blockchain-enabled energy trading could help lower carbon emissions but efficiency and privacy issues must first be overcome
Continue reading “Could a blockchain-based electricity network change the energy market?”

Could a blockchain-based electricity network change the energy market?

Could a #blockchain-based electricity network change the energy market?

  • The intense data processing required by blockchain pulls in an extraordinary amount of electricity, and widespread use of it would drag global energy markets into the abyss – and bring the world’s carbon emissions budget down with it.
  • They range from the big, such as the 10 major utility companies joining the Energy Web Foundation’s efforts to identify and roll out blockchain energy solutions, to the small, such as US startup LO3 Energy’s launch of a blockchain-enabled green energy microgrid in Brooklyn later this year.
  • Similar to LO3 Energy’s offering is that of Australian company Power Ledger, which has developed a peer-to-peer energy trading model that works around utilities companies using blockchain in much the same way that bitcoin traders dance past the banks.
  • By making rooftop solar even more economical and maximising use of the power it generates, Martin hopes blockchain-enabled peer-to-peer energy trading will help lower carbon emissions while raising energy capacity.
  • In Australia, Power Ledger also predicts legislative changes will be needed to pave the way for blockchain, or any kind of peer-to-peer energy trading for that matter.

Blockchain-enabled energy trading could help lower carbon emissions but efficiency and privacy issues must first be overcome
Continue reading “Could a blockchain-based electricity network change the energy market?”

Could a blockchain-based electricity network change the energy market?

Could a blockchain-based electricity network change the energy market?

  • The intense data processing required by blockchain pulls in an extraordinary amount of electricity, and widespread use of it would drag global energy markets into the abyss – and bring the world’s carbon emissions budget down with it.
  • They range from the big, such as the 10 major utility companies joining the Energy Web Foundation’s efforts to identify and roll out blockchain energy solutions, to the small, such as US startup LO3 Energy’s launch of a blockchain-enabled green energy microgrid in Brooklyn later this year.
  • Similar to LO3 Energy’s offering is that of Australian company Power Ledger, which has developed a peer-to-peer energy trading model that works around utilities companies using blockchain in much the same way that bitcoin traders dance past the banks.
  • By making rooftop solar even more economical and maximising use of the power it generates, Martin hopes blockchain-enabled peer-to-peer energy trading will help lower carbon emissions while raising energy capacity.
  • In Australia, Power Ledger also predicts legislative changes will be needed to pave the way for blockchain, or any kind of peer-to-peer energy trading for that matter.

Blockchain-enabled energy trading could help lower carbon emissions but efficiency and privacy issues must first be overcome
Continue reading “Could a blockchain-based electricity network change the energy market?”