RENEWABLE ENERGY MARKET BEING BOOSTED BY BLOCKCHAIN TECHNOLOGY

By Jonny Fry — June 9 07:50 AM PST



Blockchain technology has promised to help boost the greater use of renewable energy sources due to the fact it is able to trace the production of green sustainable energy.

This will prove to be vital, whether it be for peer 2 peer electricity trading in local or to allow companies to be carbon neutral by specific dates,

Amazon aim to be carbon neutral by 2040, Microsoft by 2030, Heathrow airport by 2030 (excluding emissions from the planes that land).

UK the six major electricity suppliers all have green energy tariffs.

Vodaphone and Energy Web’s Blockchain-powered platform is very similar to how mobile phones operate with renewable power plants each with individual identities enabling the grid either to instruct each power supplier as to whether energy needs to be supplied to the grid, to stop producing energy or to store the power in a battery.

Equigy is using electric vehicle car batteries to store excess energy using Blockchain technology helping to ‘smooth out’ the supply of energy to electricity grids. The aim is to encourage investment into more renewable sources of energy, thus helping the environment.

Electron, based in Orkney, north of Scotland, has historically produced more electricity from its windy shores than it consumes. By using Blockchain technology, surplus energy is tracked and then diverted to batteries for storage and to also charge electric car batteries.

Power Ledger, in Australia, has teamed-up with a property developer in Perth as part of Power Ledger’s goal to introduce a solar energy trading platform for users in Western Australia.

The cost of solar power has fallen by approximately 80+% since the end of 2009, while wind turbine prices have reduced by up to 40%.

Blockchain-powered platforms helping adoption of renewable energy tracking supplies for both energy producers and users alike, thus helping the environment.



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