Blockchain Can Spearhead The Fight For Clean Energy

Blockchain technology is proving its worth in every major industry across the world, and is changing the way we use technology. With the current climate conditions in the world, clean and renewable energy is a widely debated upon topic. So could blockchain potentially contribute to this field as well?

The answer is, yes. There are a number of ways in which blockchain technology can contribute to clean energy. For one, the technology can help in building digitalized electricity systems. These systems are capable of producing highly efficient energy, if built on unique solar modules.

It is an extremely cost effective system, and can help save a lot of money. This means that less developed countries and emerging economies can set up these systems, instead of having to opt for the high setup costs of a conventional, centralized electricity network.

Blockchain technology can also help in setting up smarter electricity grids, which assure transparent energy choices for consumers. could push for more integration of clean energy. As Yvo Hunink points out, cheaper forms of energy, such as renewables, are set to be the market’s favorite choice and could help propel clean energy as a mainstream option.

According to Yvo Hunink, based on such projects in India, he describes a blockchain-driven grids as:

A biomass plant owned by a farmer in rural India could start delivering the backup power to the grid as soon as the central grid fails, for a price that may vary dynamically according to the rest of available energy in the system. If the blackout is during the day, many solar panels would also be able to cover the load, however, at night, the biomass plant operator has better leverage to sell his energy for a higher price. The market dynamics of supply and demand could all be automatically contracted within a smart contract blockchain environment.

Blockchain is more than capable of pioneering innovation in the field of green technology. Although, Data Protection Restrictions Pose Challenges To Blockchain Startups In Green Energy, more businesses and startups are now looking to experiment with this technology and test out what it can achieve.