Blockchain Changes Business Model in European Energy Sector, Decentralized Power In View
The market for Blockchain applications in energy sector is many times larger than it is for financial sector. There’s a new world of energy, and it’s distributed. Recently, a market selling crude oil for Bitcoin has emerged. Also, the rise of solar and wind power inputs from multiple, decentralized sources is breaking the big utilities’ monopoly on energy supply and distribution. According to Lawrence Orsini, founder of Ethereum dapp developer and energy consultancy LO3 Energy, various utilities have approached his company for advice not just on handling the growing volume of renewable....
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Transactive Grid empowers and encourages people to produce and share renewable energy, for a cleaner environment and money. The application of Bitcoin technology has gone a long way since its introduction to the world in 2009. Now it has reached a new milestone as it gets implemented in the energy sector. Recently, a New York-based startup, Transactive Grid introduced blockchain enabled microgrid enabling peer to peer transaction of energy. The concept, designed to empower individuals by letting them buy and sell electricity like a commodity. Until now, the energy sector has been dominated....
Peer-to-peer (P2P) power trading presents a promising use case for blockchain technology and supports transactive energy, according to a report from Navigant Research. Owners of distributed energy resources will be the first stakeholders. Blockchain technology could provide a new model for transactive energy, which refers to the economic and control techniques used to manage the flow or exchange of energy within an existing power system. The report examines the requirements for an energy blockchain, offering case studies, recommendations and implementation challenges for the energy....
Bitcoin, blockchain technology and the Internet of Things are dramatically disrupting every industry sector. They’re especially disrupting the energy and utility sector, including the solar energy trading market. Coincidentally, solar energy prices continue to decline, bringing spectacular new business opportunities while protecting the environment.....
A Bitcoin-style virtual currency could save Europe’s power grids from reaching breaking point as more and more “prosumers” come on line, the European Commission’s Horizon magazine reports. Prosumers ‒ a buzzword in the emerging sharing economy ‒ are consumers who also put energy back into the network from domestic wind turbines and solar panels. The European Union is aiming for an 80 percent reduction in greenhouse gases by 2050, but European energy distribution networks are organized top-down, for large providers that distribute energy to consumers either directly or through smaller local....
Authorities in Brussels are taking steps to reduce power consumption, including in cryptocurrency mining, as the EU faces limited energy supplies from Russia, the reliance on which it has been trying to lower. New energy efficiency labeling is to address the growing electricity usage in the crypto sector. EU to Develop Energy Efficiency Label for Data Centers Amid Increasing Consumption in Mining The European Union plans to introduce a label for energy efficiency in efforts to counter the growing electricity consumption in data centers such as those mining cryptocurrencies. According to....