Here’s how blockchains are helping to advance the global energy grid
Governments and environmentalists are quick to criticize the amount of electricity Bitcoin mining uses, but investors’ growing interest in crypto is leading to positive steps in the energy sector. The blockchain industry’s impact on the energy sector has been a major source of controversy over the past five years. Governments and environmental protection advocates have routinely expressed concerns about the amount of energy required to keep the Bitcoin network secure. Data shows the network’s energy consumption now rivals the yearly energy consumed by some small countries.Historical....
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Siemens and New York-based startup LO3 Energy have announced that they are partnering up to collaborate in the field of innovative microgrids through the blockchain, according to a joint press release. The microgrid, which is being planned for Brookyln and was initially started as a pilot project of LO3 Energy, is now being developed further with the aid of Siemens Digital Grid in the U.S. For the first time, a microgrid control solution from Siemens is being combined with the peer-to-peer trading platform from LO3 Energy called the TransActive Grid. The combination of a microgrid control....
Microgrid wants to let neighbors sell excess solar energy over a distributed ledger-based system, and two Brooklyn neighbors completed their very first transaction on the TransActive Grid On April 11, 2016. When dealing with solar energy, there is usually an excess of power than can be sold back to the electricity provider. But some people would much....
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....
Bitcoin’s unique energy use incentives, ability to store stranded energy and more make it the future of our energy consumption as a planet.
The blockchain could serve as the foundation of a system for connecting energy grids, delivering more efficient and environmentally sustainable energy, according to Greentechmedia.com, a news site for the global clean energy market. One company, L03 Energy, is building an “open source cryptographically secure” blockchain to manage transactions across a microgrid. Lawrence Orsini, the founder of L03 Energy, said the blockchain’s impact on energy could be much bigger than bitcoin. L03 Energy has built two nodes collecting generation and consumption data across the microgrid and sending it to....