It seems like there are countless of applications for blockchain technology. As the latest cryptocurrency news show, blockchain for renewable energy is the next big thing – capable of driving a big innovation in the field of green technology.
First reported by Forbes in a post that describes blockchain as “a blank canvas that is very capable of driving innovation in the field of green technology,” the technology continues to be touted as the big innovation and advance that we are likely to see. In fact, blockchain for renewable energy comes as an innovation that follows a lot of concepts of use for the technology, from online transactions to e-government.
But what would this all be about?
Well, blockchain for renewable energy is still a concept of an online register that will securely store information and serve as a base of knowledge that would be accessible for everyone. Rather than controlled by one entity, the technology would be spread across multiple computers and used as a form of data logging to ensure that the information cannot be changed or corrupted by anyone else.
As many best cryptocurrency news sites published, the technology could promote transparency and the sharing of information. As such, the record would have immense potential in shaping a new wave of technology – blockchain for renewable energy – as well as our ability to interact with it.
In fact, there are a lot of startups that are exploiting blockchain as a tool to make energy grids a lot more accessible and sustainable while promoting data sharing.
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One of the startups that leverages the concept of blockchain for renewable energy is WePower, a blockchain-powered smart grid that tests how well a choice-driven energy market could work.
Based in Estonia, WePower tests blockchain projects while promoting clean energy. As the CEO of the startup Nick Martyniuk said in an interview with Wired, “blockchain provides the necessary trust for data sharing and creates liquidity as well as accountability between energy buyers and producers.” He also said that small to medium sized businesses need a better way to start buying green energy.
All of this is a sign that blockchain for renewable energy is more than just a concept – but actually a big opportunity for clean energy which is a cheaper and more mainstream option.
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