Moving into Blockchain Energy
An Energy Grid is an electrical grid which transmits high voltage power through lines to carry power to demand centres. This bulk power transmission network move power over long distances, sometimes across international boundaries. It reaches the wholesale customer, usually the company owning the electric power distribution network.
Grids can cover whole countries and grids can cross continents. For years, solar panel manufacturers have promised that having solar panels on homes will allow them to generate their own energy for free and sell any extras. Now it will be possible on the grid by using the blockchain and to buy with cryptocurrencies will make the task easier. There are 1.4 billion people around the globe which are not connected to an electricity grid.
A simple technology the Smart-Meter is an electronic device that records consumption of electricity. In this way, your energy consumption is measured quite drastically. Instead of you reporting your energy usage every month to your utility company, your utility can calculate your real energy use with the smart meters on a daily or hourly basis. If this is used on the blockchain you save money by cutting the middleman.
Through blockchain technology, you can develop a permission data platform. This creates localized energy marketplaces for transacting energy across existing power grid infrastructures by using cryptocurrency like Bitcoin. With computer systems which are connected to each other via the internet called Peer-to-Peer (P2P) you can transact energy autonomously in near-real time with consumers in their local marketplace. If you produce more energy than you're consuming, you can sell it to neighbors via coins or altcoins. This can be done in a tamper-proof manner because the blockchain is tamper-proof and secure. You can even buy energy for someone in another country via cryptocurrencies. .
The blockchain enables a decentralized energy supply. Suppliers can directly transact on various levels, by directly linking producers with consumers. This will be done by smart contracts which is a decentralized autonomous contract which cannot be reversed.
For more advice please feel free to contact me on 081 269 3916 - for a Consultation. Pieter Lategan