Are you aware of Blockchain technology? No worries, let me quickly describe it to you. Blockchain is a distributed ledger of growing records. These records are called ‘Blocks’. These blocks are linked using cryptography. That’s true that the Blockchain came into the picture because of cryptocurrency. However, this Blockchain technology can be applied to many other industries as well.
Do you think it is really possible to make use of Blockchain technology in the Energy sector? Let’s see.
Bitcoins are not the only application of Blockchain. There have been some use case applications already developed using Blockchain technology like automated bill payments, electrical vehicle charging and sharing, etc. Also, there has been an implementation of Blockchain technology in the energy sector especially solar energy. There has been a term called ‘Net metering’ used in the solar energy sector.
The traditional Net metering facilitates solar users to sell the excess electricity back to the local energy company. But there is a disadvantage of the traditional Net metering like the local energy companies would resell the energy to residents at higher prices. So, as a solution, there is a Blockchain-based Virtual Net metering for off-location solar users.
Let’s see some of the benefits of Blockchain-based Virtual Net metering.
- Reducing utility bills and carbon emissions
- Creating economies of scale and lowering the per-unit prices
- Letting the flexibility of implementation in the different areas too
- Solar user can “subscribe” Or “unsubscribe” anytime
Apart from this “Net metering”, Blockchain technology has the potential to attract new opportunities for the inventions in the energy sector. Let’s quickly go through some potential applications of Blockchain;
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Bright Solar Limited 