The same technology underlying the efficiency of bitcoin transactions and largely responsible for the online currency’s success could be the key to developing a smarter energy grid. Blockchain, a shared, encrypted ledger maintained by a network of computers, gives bitcoin transactions their unique peer-to-peer quality, making the entire system decentralized without a central repository or single administrator. While the electricity grid still relies on centralized plants generating power sent over long distances, blockchain technology could help modernize the system, making it easier for smaller, distributed networks to connect to the grid and exchange power locally.These smaller, distributed power generators and storage systems, such as rooftop solar panels and electric-vehicle batteries, are already connecting to the grid in growing numbers. However, when these systems produce excess energy, they are forced to sell it back to utilities, often waiting 60-90 days for compensation. A blockchain-based system would allow local energy producers to trade energy peer-to-peer with consumers instantly. Neighbors could make more efficient use of the energy they produce than selling it back to the grid by simply trading with one another.Startups have jumped at the prospect of facilitating local energy exchange. Power Ledger’s peer-to-peer product aims to develop microgrids based on a shared system of… Read full this story
- Binance Group sets up $50 million fund for blockchain tech in India: Report
- Hyper-connectivity - Key driver for Sustainable Smart cities
- Energy storage boom stalls in Europe
- Nigeria Energy Forum to focus on Sustainable Development Goal 7
- How Much Energy Does the U.S. Use?
- How the UK national grid is keeping lights on during the coronavirus pandemic: Contingency plans include segregating 'critical' employees and even asking engineers to live on-site
- Grid operators turn control centers into campsites to keep coronavirus at bay
- Grid operators turn control centres into campsites to keep coronavirus at bay
- Retailers need to invest in advanced technologies: Deloitte
- ASX posts AU$492m profit as it prepares for a technology-driven future
Blockchain Technology Could be Key to Smarter Energy Grid have 318 words, post on www.natlawreview.com at November 2, 2017. This is cached page on Vietnam Dance. If you want remove this page, please contact us.