How blockchains can empower communities to control their own energy supply

phys.org | 7/12/2018 | Staff
Zorra (Posted by) Level 4
Click For Photo: https://3c1703fe8d.site.internapcdn.net/newman/gfx/news/hires/2018/6-howblockchai.jpg

As the cost of solar panels, wind generation and battery storage falls, individual households and consumers are increasingly generating their own electricity, becoming less reliant on the power grid. This has led to energy systems becoming increasingly decentralised, which helps shift market power from large utility companies to individual "prosumers" – consumers who produce their own electricity.

These developments have encouraged a rapid rise in the number of community energy projects around the world, where households generate, store, and trade energy with each other. In Scotland alone, the main community energy advice group lists over 300 projects that it supports.

Academics - UK - Energy - Future - Potential

Academics studying the UK's energy future are increasingly interested in the potential of these community energy models, such as the Findhorn ecovillage in northeast Scotland, with its energy efficient homes, solar panel arrays and community-owned wind turbines.

Such projects usually work by enabling exchanges of energy between producers and consumers inside a microgrid which serves the community, providing local energy resilience to future supply shocks. One house can buy excess renewable generation from a neighbour's solar panels, or from a community wind turbine.

Blockchains - Technology - Cryptocurrencies - Bitcoin - Community

Blockchains are best known as the technology behind cryptocurrencies such as Bitcoin, but are increasingly explored in community energy systems. Blockchains can act as a digital record for tracking energy and money transactions, without the need for a utility company to act as a trusted intermediary.

Simply defined, blockchain is a shared log of transactions, copies of which are shared by multiple parties, forming a distributed ledger. These ledgers take the form of an expanding chain of interconnected blocks of information (hence the name "blockchain"). Each new block added contains a pointer and a cryptographic hash of the data from the previous block, forming a linked list. This assures that blockchains are tamper-proof, as no party can change the information in a...
(Excerpt) Read more at: phys.org
Wake Up To Breaking News!
Is it real news?? or MSM news??
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!