How blockchain can deliver a smart, renewable energy grid

Published onJune 6, 2018

Blockchain technology…has the capability to securely record, verify and share important information and so could eliminate data manipulation. It is this innovative potential – the creation of a trustworthy environment where business can safely conduct transactions via decentralized but secure digital ledgers that are not stored in single central server rooms but dispersed worldwide – that has led many to say blockchain is the most ingenious invention since the internet itself. In terms of the power sector, it may prove to be the missing link that…will allow the wide-scale adoption of sustainable and renewable energy. Having a blockchain-based energy grid can, for example, permit energy trading between an interconnected community via a direct peer-to-peer process that will prove to be more efficient than the wasteful system of sending generated power along long-distance cables to a central authority that then redistributes it back to users; a process that bleeds energy by way of lengthy transmission, mainly due to the inadequacies of the informational network.