The idea behind people selling excess electricity to each other is now becoming a reality through the use of blockchain technology. Australia’s blockchain start-up Power Ledger and Clean Energy Blockchain Network are using blockchain technology to gather and digitize the electricity information of consumers. People with excess energy from their respective solar panels can use these blockchain technology platforms for peer-to-peer trading with others in need of electricity.

SunPower by Stellar Solar’s founding partner Michael Powers explains that the current means of tracking and billing renewable energy are very cumbersome, even for utility companies, as reported on Forbes. Also, the amount Solar producer are earning when selling their excess energy to utility companies is being reduced. Powers says:

“Right now, solar producers are paid at regulated net metering rates, which are actually being reduced by regulators and the utility industry and across the U.S.”

However, blockchain technology can remedy the cumbersome renewable energy verification process and makes transactions possible directly between the consumers and producers themselves. The way blockchain technology omits the need for intermediaries also helps consumers sell their excess solar energy at higher prices.

Powers added:

“With the free market system, solar producers will find new energy users who are willing to pay more for clean energy if they can’t deploy solar panels themselves. If the energy blockchain makes that possible, why wouldn’t we do it?.”

Powers stresses the significance of its application in the energy field,  saying:

“Solar energy can be deployed more extensively and with peer-to-peer sales, solar energy finds its true value in the marketplace.”

Canadian business executive Don Tapscott believes that the process is “infinitely more secure.” He added:

“Peers come together and share wealth. Blockchain handles the payments and contracts … The technology genie has escaped from the bottle.”

According to RenewableEnergyWorld, blockchain won’t just help consumers manage their energy better, but also help make their homes smarter. The decentralization of data also entails homes that are more secure. This means that the adoption of smart devices will also grow faster, creating more efficient households.

In addition, the utilization of blockchain technology in the energy sector helps create an independent market within the community. Renewable energy producers have more control over the energy they produce and the revenue they make, given the lack of any middlemen, creating a cleaner and more efficient power grid in the process.

Blockchain Technology Now Being Utilized for Selling Excess Electricity was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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