In the last months, the theme of blockchain has raised in importance in the debate worldwide. Not only in terms of Bitcoin & co. but also as backbone of a new sharing economy.
We are living in an age in which a growing number of people have understood the need for retreat from nuclear and fossil-fuel energy. The importance of renewable energy is increasing steadily, so wasting less wind and solar power because of inability to transport it, it is a crucial element in the process of better integrating decentralized renewable energies and ensuring energy supply.
Blockchain offers new possibilities
Blockchain technology shows a lot of promise. Other than being used to execute energy supply transactions, it could also provide the basis for metering, billing and clearing processes.
Other possible areas of application are in the documentation of ownership, the state of assets (asset management), guarantees of origin, emission allowances and renewable energy certificates. Blockchain technology has the potential to radically change energy as we know it, by starting with individual sectors first but ultimately transforming the entire energy market.
In 2017, global Bitcoin mining alone used up more power than most countries (!). And this is just one of many uses of blockchain.
The vast amount of electric power new technologies such as cryptocurrencies itself consume is another factor; the increased demand for electricity can help bridge the gap between current investment in energy efficiency (EE) and the investment needed to tap the full potential of clean energy. In other words, it could make investment in renewable energy profitable enough for the big players.
Over two-thirds of our efficiency potential is still untouched, according to Greenbiz.com. In addition to putting the brakes on the curbing of our carbon emissions, this dormant potential means significant employment and economic markets are being overlooked. We need financial innovation and creativity to unlock EE investments and to grasp these employment and growth opportunities. Could blockchain be the answer? Combine the bigger demand created by blockchain with the technological solutions it presents and a greener future feels closer.
The team of experts at BehaviourExchange are researching new exciting applications for blockchain. Check out their Blog for more interesting articles or join them on Telegram and explore the future of blockchain with them!