Blockchain And The Future Of Smart Power Grids

Through advancements in renewable energy source development, the future is now. More than 8 in 10 people globally believe the world should be powered via green energy and from a tech standpoint it’s a very real possibility. And yet 33% of worldwide energy consumption comes from oil, 28% from coal, 24% from natural gas and just 3% from renewables. So what’s stopping us from making the switch?

The hard truth is that not everyone truly has the option to go green. Whether from inaccessibility, cost prohibitive nature, or very likely a mixture of the two, many communities and individuals find themselves at the mercy of power companies and their standards. Utility structured electricity norms prevent consumers from choosing their power sources, and the regulated markets allow power companies to operate a monopoly over energy generation, distribution, maintenance, and billing.

The conceptual blockchain smart grid may hold the solution to this energy roadblock. The very same technology that is best known from its essential involvement in cryptocurrency offers unique responses to questions from many other industries as well. Now with energy needs on its radar, we can expect some surprising innovations to be presented. As a consumer-based energy market capable of tracking and connecting a network of electricity generation, individuals will finally have a choice in where their home’s energy is coming from. Computer modeling forecasts demand and peer-to-peer sharing ensures the most bang for your buck in the power source of your choice. Operating like an energy stock exchange, consumers can purchase energy at variable rates that are based on the market, instead of central agencies.

Take a look at this infographic for more on the blockchain smart grid and its moves to make clean, renewable energy an option for everyone.

Infographic Courtesy of Lition https://www.lition.io/power-to-the-people