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?”