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The Blockchain and Energy Connection
Blockchain is the secure information storage revolution of the 21st century. However, the energy-intensive nature of cryptocurrency has highlighted the unclean and unsustainable traits of mainstream power production. Consequently, Blockchain technology's applications in innovating energy provision and usage are being explored.
Amsterdam, in the first week of February 2018, hosted Solarplaza's first Blockchain2Business conference attended by Blockchain enthusiasts and pioneers working on energy production to tokenization. Out of the 90 firms studied by Solarplaza, the top three nations with the highest number of Blockchain projects within the energy domain are the U.S., Germany, and the Netherlands. The Ethereum Blockchain is popular among peer to peer trading projects. Around 25 percent of the projects are planning an initial coin offering indicating the novelty of the movement.
In terms of industry related services, LO3 Energy's Brooklyn Microgrid enables sale and purchase of energy including solar energy. Sun Exchange enables individuals to own and lease out solar panels. BP, Statoil, and Shell are building a Blockchain platform for energy commodities trade. Electron, a WEF awardee, developed platforms for user registrations, and data privacy in energy meters.
Examples of cryptocurrencies developed for energy trading platforms are the reward-based SolarCoin (ElectricChain) and the Juliette Coin (Spectral energy). Many online energy platforms facilitate communication between energy producers and monitor energy creation and consumption. Some platforms inform consumers about the cheapest energy options available in their location, while some offer supply chain solutions for commodities such as oil and gas. Blockchain has also entered the e-vehicle industry.
Check Out: Energy Tech Review