Posted by Bharat Bhushan Dhalla | Last Updated: 27-Dec-18
Man always think about nature and try to learn from its principles. The inspiration of Airplanes was taken from birds, robots from humans. Men always see nature for finding solutions for all kind of problems. One technology, which is believed to be inspired by microbes and is actually a solution for various problems is Blockchain. This technology has the potential to influence every industry, from education to finance, manufacturing to power. As per a study by Gartner, it is estimated that Blockchain will add the value of more than 3 trillion USD by end of the year 2030. In this blog, I will tell you how Blockchain is influencing the power sector.
In the power, the Blockchain technology has to make sure a 5D impact which comprises of digitization, deregulation, decentralization, democratization, and distribution. This can open doors for possibilities ranging from peer-to-peer exchange to building a universal energy ecological system. This is more focused on decentralizing the energy sector, and it would make energy a resource on blockchain through which people can buy and sell power within a peer-to-peer market. Customers and business houses can benefit from the blockchain technology, that lessen transaction charges, increases network clarity and lot more.
Disrupt the existing industry ecosystem
Blockchain can support in meeting numerous demands of the utility industry, as it can work as a foundation stone having the prospect to disrupt the present ecosystem of the power industry. With compelling authenticity and safety in transactions as the core of the technology, it can help in creating permanent records which can help the system by strengthening the bill management system. Moreover, they are also a great help in creating solar renewable energy certificates.
Work as Smart Grids
The world is moving towards electrification of vehicles, while people are opting e-vehicles over others has become the need of the hour. Because of this, demand and supply have to keep pace. Blockchain can support in this situation because of its peer-to-peer interconnectivity and sharing model, so managing the demand from various sources and direct sharing can help in making the power grid smarter and modular.
Blockchain technology can help in making meters more smart or effective by giving precise data to the supplier without the requirement for a direct link to the particular users, which can grant more powers to the end user. With time, all electrical meters will be equipped with Blockchain nodes, which make them proficient enough to do plugging into a single power exchange to straightly exchange electricity between themselves. It can be started as a microgrid model, self-supporting power generators settlements, grid settlements, and wholesale exchange of trading.
In a nutshell, Blockchain technology is disrupting the power sector, but this disruption will be benefitting our lives. Peer to peer interconnectivity in smart grids, smart meters, and solar renewable energy certificates are few steps through which Blockchain can transform this sector.